Ethereum Climbs above $1,600, Why ETH Could Soon Test $1,720

Aayush Jindal

4 years ago

2 mins read

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Ethereum started a strong increase above the $1,550 and $1,600 resistance levels against the US Dollar. ETH price is likely to continue higher towards the $1,700 and $1,720 resistance levels.

ETH price found support near $1,550 and recently started a fresh increase against the US Dollar.
The price is trading well above $1,600 and the 100 simple moving average (4-hours).
There is a major bullish trend line forming with support near $1,550 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher towards the $1,700 and $1,720 resistance levels.

Ethereum Turns Green

This past week, bitcoin and ethereum saw a downside correction below $48,000 and $1,550 respectively against the US Dollar. ETH even traded below the $1,500 support zone and settled well below the 100 simple moving average (4-hours).

It traded as low as $1,444 before correcting higher. The bulls were able to push the price convincingly above the $1,500 and $1,550 resistance levels. There was also a break above a connecting bearish trend line at $1,540 on the 4-hours chart of ETH/USD.

Source: ETHUSD on TradingView.com

Ether price climbed steadily and cleared the 76.4% Fib retracement level of the downward move from the $1,657 high to $1,444 low. It is now trading well above $1,600 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $1,550 on the same chart.

On the upside, the first major resistance is near the $1,700 level. The 1.236 Fib extension level of the downward move from the $1,657 high to $1,444 low is also near $1,720. A successful break above $1,700 and $1,720 could open the doors for a move towards $1,800.

Dips Limited in Ether (ETH)?

If Ethereum fails to extend its rise above the $1,700, there could be a downside correction. An immediate support is near the $1,600 level. The next support is near the 100 hourly SMA at $1,575.

The main support is now forming near the trend line and $1,550. If ether price fails to stay above the trend line support, there is a risk of a larger decline in the coming sessions.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is well above the 50 level.

Major Support Level – $1,550

Major Resistance Level – $1,700

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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