Ethereum started a strong rise above the $1,700 level against the US Dollar. ETH is showing positive signs and could rally towards $1,800.
- Ethereum started a major rise above the $1,650 and $1,700 levels.
- The price is now trading above $1,700 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $1,700 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might continue to rise if there is a clear move above the $1,750 level.
Ethereum Price Surpasses $1,700
Ethereum formed a base above the $1,600 level and launched a major increase. ETH was able to clear a few key hurdles near the $1,650 and $1,675 levels.
The price jumped over 10% and even broke above the $1,740 level. The bulls pushed the price up towards the $1,800 level. A new multi-week high has formed near $1,784 and the price is now correcting gains. There was a slight decline below the $1,750 level.
Ether price fell below the 23.6% Fib retracement level of the recent rise from the lows of $1,602 to highs of $1,784. However, it is still well above $1,700 and the 100 hour simple moving average.
There is also a key uptrend line forming with support near $1,700 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,740 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 $1,780 area. A clear move above the $1,780 level could push the price even higher. In the indicated case, the price could possibly rise towards the $1,880 resistance zone.
Dips supported 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 $1,700 area.
A clear break below the $1,700 support could trigger a move towards the $1,670 level. It is near the 50% Fib retracement level of the recent rise from the low from the $1,602 high to $1,784 low. Any further losses could even push the price to the $1,620 support or even the short-term 100 hourly simple moving average.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $1,700
Major resistance level – $1,750