Ethereum’s increase in value against the US dollar has been extended to $1,720. ETH has now reached the $1,670 key support zone.
- Ethereum managed to remain in the positive zone while struggling near $1,785 resistance.
- Today, the price traded above $1650. The 100-hourly simple moving average is also up.
- A break was seen below a bullish trend line, with support close to $1710 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- If the close falls below $1,670 or $1,650, then this pair may begin a downtrend.
Ethereum Price holds Key Support
Ethereum maintained a positive level above the $1600 mark. ETH’s increase was even greater than the $1,670 or $1,700 levels.
The price climbed to the $1,750 mark, but it did not rise above $1,800. It reached $1,784 for a new high and began to decline. A minor movement was seen below $1,730, $1,720, and the $2,730 levels. Ether dropped below 23.6% Fib Retracement Level of the upward movement between the $1.355 swing low and $1.784 high.
A break was also observed below the key bullish trendline with support at $1,710, on an hourly chart for ETH/USD. Today, the price trades above $1650.
Also, it is consolidating higher than the 100 hourly simple moving mean. The $1,720 mark is the immediate resistance. Near the $1,750 level is the first significant resistance.
Source: TradingView.com ETHUSD
The area around $1,785 is where the resistance lies. The price could rise to $1,850 if it moves above $1,785. The price could rise to the $1,920 resistance level in the above scenario.
What is the Downside to ETH?
The downside correction could be initiated if the price of ethereum falls below $1,750. The $1,670 area and the 100-hourly SMA provide initial support.
An obvious move below the $1670 support could trigger a move toward the $1625 level. Near the 50% Fib support level is the next significant support for the upward movement from $1,355 swing high to $1,784 low. A further loss could push the price towards the $1,500 resistance.
Technical indicators
Hourly MACD – MACD is currently losing momentum for the bullish area of ETH/USD.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $1,670
Major Resistance Level – $1,750