Ethereum Price Seems Ready For Another Leg Higher Over $1,750

Aayush Jindal

1 year ago

2 mins read

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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.

Technical Indicators

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

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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