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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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Ethereum Rally Loses Steam, Why ETH Could Revisit Resistance Turned Support

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

Ethereum price rallied above the $1,700 resistance against the US Dollar. ETH struggled near $1,750 and is currently correcting gains.

  • Ethereum gained momentum above the $1,660 and $1,670 levels.
  • The price is trading above $1,700 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trend line with resistance near $1,650 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now correcting gains from the $1,750 resistance.

Ethereum Price Rally Stalls

Ethereum’s price was able to start a decent increase from the $1,620 zone. ETH formed a base and started a steady increase above the $1,650 resistance, like Bitcoin.

There was a break above a key bearish trend line with resistance near $1,650 on the hourly chart of ETH/USD. The pair climbed higher above the $1,670 and $1,700 resistance levels. However, the bears were active near the $1,750 zone.

A high is formed near $1,747 and the price is now correcting gains. There was a move below the $1,720 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,639 swing low to the $1,747 high.

Ether is now trading above $1,700 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,725 level. The next resistance is near the $1,750 level.

Ethereum Price

A close above the $1,750 level might send the price toward the $1,850 zone. If there is a clear move above $1,850, Ethereum could rise toward the $1,920 resistance. Any more gains might send the price toward the $2,000 resistance.

Are Dips Supported in ETH?

If Ethereum fails to clear the $1,750 resistance, it could continue to move down. Initial support on the downside is near the $1,700 level. The first key support is close to $1,680 or the 61.8% Fib retracement level of the upward move from the $1,639 swing low to the $1,747 high.

The next major support is near the $1,660 level. If there is a downside break below $1,660, the price could accelerate lower toward the $1,620 level. Any more losses might send the price toward the $1,540 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,680

Major Resistance Level – $1,750

Tags: ETHethereumethusdETHUSDT
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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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