Ethereum price is attempting a fresh increase above $1,720 against the US Dollar. ETH could accelerate higher if it clears the $1,750 resistance.
- Ethereum is attempting a fresh increase above the $1,720 level.
- The price is trading above $1,700 and the 100-hourly Simple Moving Average.
- There is a connecting trend line forming with resistance near $1,750 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $1,750 resistance zone.
Ethereum Price Gains Traction
Ethereum’s price settled above the $1,650 level. ETH formed a base above $1,650 and recently started a decent increase above the $1,700 level, like Bitcoin.
There was a move above the $1,720 resistance level and the price tested the $1,750 zone. A high was formed near $1,756 and there was a minor downside correction. The price declined below the $1,735 level. However, it is still above the 50% Fib retracement level of the recent rally from the $1,668 swing low to the $1,756 high.
Ethereum is trading above $1,700 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,750 level. There is also a connecting trend line forming with resistance near $1,750 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The next major resistance is $1,800. A clear move above the $1,800 resistance zone could set the pace for a larger increase. In the stated case, the price could visit the $1,850 resistance. The next key resistance might be $1,920. Any more gains might open the doors for a move toward $2,000.
Are Dips Supported in ETH?
If Ethereum fails to clear the $1,750 resistance, it could start a downside correction. Initial support on the downside is near the $1,710 level. The next key support is $1,680.
The 76.4% Fib retracement level of the recent rally from the $1,668 swing low to the $1,756 high is also near $1,685 to provide support, below which the price could test the $1,650 support. A downside break below the $1,650 support might start another bearish wave. In the stated case, there could be a drop toward the $1,600 level.
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 – $1,700
Major Resistance Level – $1,750
Aayush Jindal
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