Ethereum price is rising and trading above $1,700 against the US Dollar. ETH could gain bullish momentum if it clears the $1,720 resistance zone.
- Ethereum found support near $1,620 and started a fresh increase.
- The price is trading above $1,650 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,675 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $1,720 and $1,730 resistance levels.
Ethereum Price Resumes Increase
Ethereum price started a downside correction below the $1,700 support zone. ETH traded below the $1,650 level before the bulls appeared near $1,620, similar to bitcoin.
The price traded as low as $1,616 and recently started a fresh increase. There was a clear move above the $1,650 and $1,665 resistance levels. The price cleared the 50% Fib retracement level of the downward move from the $1,784 swing high to $1,616 low.
Ether price is now trading above $1,650 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,675 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance near the $1,720 zone. It is near the 61.8% Fib retracement level of the downward move from the $1,784 swing high to $1,616 low. The next major resistance is near the $1,745 zone. A close above the $1,745 resistance zone might start another major increase.
Source: ETHUSD on TradingView.com
In this case, the price may perhaps rise towards the $1,800 resistance level. Any more gains might send the price towards $1,880.
Dips Limited in ETH?
If ethereum fails to clear the $1,720 resistance, it could correct gains. An initial support on the downside is near the $1,680 level and the trend line zone.
The next major support is near the $1,640 zone and the 100 hourly SMA. If there is a break below $1,640, the price might drop towards $1,615. Any more losses might call for a test of the $1,550 level.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,640
Major Resistance Level – $1,720