Ethereum extended its rise above the $1,720 level against the US Dollar. ETH is now consolidating above the key $1,670 support zone.
- Ethereum remained in a positive zone but struggled near the $1,785 resistance zone.
- The price is now trading above $1,650 and the 100 hourly simple moving average.
- There was a break below a key uptrend line with support near $1,710 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might start a downside correction if there is a close below $1,670 and $1,650.
Ethereum Price Holds Key Support
Ethereum remained in a positive area above the $1,600 level. ETH even extended its rise above the $1,670 and $1,700 levels.
It climbed above $1,750 but there was no movement to $1,800. A high was formed near $1,784 and the price began a downward correction. There was a slight movement below the $1,730 and $1,720 levels. Ether fell below the 23.6% Fib retracement level of the upward move from the low of $1,355 to $1,784.
Additionally, there was a break below a key uptrend line with support near $1,710 on the hourly chart of ETH/USD. The price is now trading above $1,650 and the 100 hourly simple moving average.
It is also consolidating above the 100 hour simple moving average. An immediate resistance on the upside is near the $1,720 level. The first major resistance is seen near the $1,750 area.
Source: ETHUSD on TradingView.com
The main resistance is now forming near the $1,785 area. A clear move above the $1,785 level could even push the price higher to $1,850. In the indicated case, the price could possibly rise towards the $1,920 resistance zone.
Downside break in ETH?
If Ethereum fails to break above the $1,750 resistance, it could trigger a downward correction. An initial downside support is seen near the $1,670 area and the 100 hourly SMA.
A clear break below the $1,670 support could trigger a move towards the $1,625 level. The next major support is near the 50% Fib retracement level of the upward move from the $1,355 low to $1,784 high. Any further losses might even push the price to the $1,500 support.
Technical indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,670
Major resistance level – $1,750