TA: Ethereum Holding Gains above $1,700, Why ETH Remains In Strong Uptrend

Aayush Jindal

1 year ago

2 mins read

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Ethereum traded to a new all-time high at $1,840 before correcting lower against the US Dollar. ETH price is holding the $1,700 level and it is likely to start a fresh increase.

Ethereum started a downside correction after trading to a new all-time high near $1,840.
The price is now trading nicely above $1,700 and the 100 hourly simple moving average.
There is a key contracting triangle forming with resistance near $1,760 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to start a fresh increase as long as it is above the $1,700 support zone.

Ethereum Price Steadies above $1,700

There were slow and steady moves in Ethereum above the $1,750 pivot level (unlike bitcoin). ETH even traded to a new all-time high near $1,840 before there was a downside correction.

The price traded below the $1,780 and $1,760 support levels. Ether price even spiked below the $1,700 level, but downsides were limited. It is now trading nicely above $1,700 and the 100 hourly simple moving average.

There was a recovery above the $1,730 level. The price cleared the 23.6% Fib retracement level of the recent decline from the $1,840 high to $1,681 low. On the upside, the first key resistance is near the $1,760 level. There is also a key contracting triangle forming with resistance near $1,760 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The triangle resistance is near the 50% Fib retracement level of the recent decline from the $1,840 high to $1,681 low. A proper break above $1,760 might start a steady increase above $1,800. The next major resistance is near the $1,825 level. A close above the $1,825 level could pump the price towards the $1,900 and $1,920 levels in the short-term.

Dips Supported in ETH?

If Ethereum fails to clear the $1,760 and $1,800 resistance levels, it could correct lower. On the downside, the first major support is near the $1,715 level and the triangle lower trend line.

The main support is near the $1,700 zone and the 100 hourly simple moving average. A close below the 100 hourly SMA may possibly start a major downside correction towards $1,600 or even $1,550.

Technical Indicators

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

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

Major Support Level – $1,700

Major Resistance Level – $1,760

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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