Ethereum fell below $1,750 against US Dollar. ETH traded at a high level above $1680 but is still in demand.
- Ethereum trading above $1,680/$1,700 is bullish.
- The current price of the stock is trading at close to $1,720.
- A key bullish flag pattern is emerging with resistance at $1,730 (data feed via Kraken).
- To move up towards $1850, the pair needs to clear $1750.
Ethereum price targets higher
Ethereum rose above $1,700 level and $1,720 level. ETH crossed the $1,750 threshold, but the resistance of $1,800 was not tested. The price reached a peak at $1,788, but then began a downward correction.
The price moved below the $1750 level, and the 100-hourly simple moving average. Price fell below 23.6% Fib level for upward movement from $1,490 swing low, to $1.788 high. Even the $1,700 mark was below Ether’s price.
But, bulls were very active around $1,680. Now, the price has risen to $1700. It trades close to $1720, the simple 100 hour moving average.
The upside is that the price faces resistance at the $1,730 mark. A key bullish flag pattern is also visible on the hourly chart. It shows resistance close to $1,730. Next is resistance at the $1750 level. The price could reach $1,780 if it breaks above $1,750.
Source: TradingView.com ETHUSD
The possibility of further gains could open up the door to a movement towards $1,850 resistance within the next few days. The price may rise to $1,880 if the bulls are active.
Dips Limited to ETH
The downside correction could be initiated if the price of ethereum falls below $1,750. Initial support is located near $1,680.
Near $1,650 is the next support. This support is at the half-way Fib retracement of the upward swing from the $1.490 swing low down to the $1.788 high. A fall below $1,650 could lead to more losses. If this happens, the ether price may drop below the $1650 support.
Technical Indicators
Minutely MACD – In the bullish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $1,680
Major Resistance Level – $1,750
