Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price is attempting a recovery wave above the $1,740 level against the US Dollar. ETH could rise steadily if there is a move above the $1,780 resistance.
- Ethereum is still below the $1,780 and $1,800 resistance levels.
- The price is trading below $1,780 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could recover if there is a move above the $1,780 and $1,800 levels.
Ethereum Price Forms Support Base
Ethereum’s price settled below the $1,775 and $1,780 resistance levels. ETH tested the $1,720 zone and is currently forming a support base, similar to Bitcoin.
A low is formed near $1,718 and the price is attempting a recovery wave. The price is slowly moving higher above the $1,740 level. There was a break above a major bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD.
Ether is now testing the 23.6% Fib retracement level of the main drop from the $1,854 swing high to the $1,718 low. However, it is still trading below $1,780 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $1,770 zone and the 100-hourly Simple Moving Average. The next major resistance is near the $1,785 level. It is close to the 50% Fib retracement level of the main drop from the $1,854 swing high to the $1,718 low.
Source: ETHUSD on TradingView.com
A proper move above the $1,770 and $1,785 resistance levels might send Ether toward $1,820. The next resistance sits near $1,850, above which Ethereum could rise toward the $1,880 level. Any more gains above the $1,880 resistance zone might send the price toward the $1,920 resistance.
Another Drop in ETH?
If Ethereum fails to clear the $1,770 resistance, it could start another decline. Initial support on the downside is near the $1,730 level.
The next major support is near the $1,720 level. If there is a break and close below the $1,720 support, the price could gain bearish momentum toward the $1,640 support. Any more losses may perhaps send the price toward the $1,600 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,720
Major Resistance Level – $1,780
