Ethereum was able overcome $1,700 resistance to the US dollar. ETH was unable to maintain a price above $1700, and it is struggling to climb higher.
- Ethereum moved slowly higher than $1,650 or $1,700.
- The current price of the stock is trading at $1,655 above its 100 hourly simple moving mean.
- A crucial channel of rising support is emerging with support at $1,670 in the hourly chart for ETH/USD (datafeed via Kraken).
- If the pair remains above $1,655 support area, it could move higher.
Ethereum price reaches $1,700
Ethereum initiated an upside correction higher than the $1650 resistance zone. ETH moved into a positive short-term zone by moving above $1,660 and $1.675 levels.
A spike was seen above the $1700 mark and an increase in the close to the 100 hourly simple moving mean. Even though Ether prices moved just a fraction above the 50% Fib level, which is the key point of decline between the $1,880 swing high and the $1,525 lowest, it still fell a bit.
The bulls were unable to maintain above $1,700 resistance. Now, it is moving below $1.680. A crucial rising channel is also visible with support close to $1,670 in the hourly chart.
The $1,700 level is an immediate support for the upside. Near the $1,720 mark is the first significant resistance. Next is the $1745 level. It’s near the 61.8% Fib level of the crucial decline from the $1.880 swing high and $1.525 low.
Source: TradingView.com, ETHUSD
If the price moves above $1,745, it could push the price to $1,800 resistance. Gains above $1,745 could open up the possibility for testing the $1.850 resistance.
Is there a new decline in the Ethereum?
It could begin a new decline if ethereum does not rise above $1,720. Initial support is located near the $1670 zone, and the channel trendline.
Next major support will be near $1,655 as well the 100 hourly simple movement average. Prices below this level could drop further. The price could fall towards $1,600 in the above scenario. Price could drop to $1,550 if it suffers more losses.
Technical Indicators
Minutely MACD – MACD for USD/ETH is losing momentum now in bullish territory.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $1,655
Major Resistance Level – $1,720
