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Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Ethereum
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Why Ethereum Must Hold $1,700 for Fresh Rally To $2,000

Aayush Jindal by Aayush Jindal
3 years ago
in ETH
Reading Time: 2 mins read

Ethereum struggled to settle above the $1,850 resistance and corrected lower against the US Dollar. ETH price is must stay above $1,700 to avoid a strong downside break.

  • ETH price is moving lower from the $1,850 resistance zone against the US Dollar.
  • The price is approaching the $1,780 support and the 100 simple moving average (4-hours).
  • There is a key rising channel forming with support near $1,775 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to decline heavily if it fails to stay above $1,775 and then $1,700 in the near term.

Ethereum Is Facing Hurdles

This past week, bitcoin and ethereum saw a fresh decline from $60,000 and $1,880 respectively against the US Dollar. ETH remained well bid above the $1,710 level and the 100 simple moving average (4-hours).

The last swing low was formed near $1,173 before there was an upward move. The price climbed above the $1,800 resistance level. There was a break above the 50% Fib retracement level of the downward move from the $1,942 high to $1,713 low.

However, the price failed to clear the $1,850 resistance zone. It seems like the price failed to clear the 61.8% Fib retracement level of the downward move from the $1,942 high to $1,713 low.

Ethereum

Source: ETHUSD on TradingView.com

Ether is currently declining and trading below $1,800. There is also a key rising channel forming with support near $1,775 on the 4-hours chart of ETH/USD. If there is a downside break below the channel support, there is a risk of a drop towards the $1,710 support. Any more losses below $1,700 may possibly open the doors for a larger decline towards $1,550 and $1,500.

Fresh Rally in Ether (ETH)?

If Ethereum stays above the channel support or $1,700, it could attempt a fresh increase. An initial resistance on the upside is near the $1,820 level.

The first key resistance is near the $1,850 and $1,855 levels. If ether price breaks the $1,850 resistance, there are high chances of a strong increase in the coming sessions. The next key resistance sits near the $1,920 and $1,950 levels.

Technical Indicators

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

4 hours RSI – The RSI for ETH/USD is now just below the 50 level.

Major Support Level – $1,710

Major Resistance Level – $1,850

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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