Ethereum experienced a significant increase over the $1,700 USD level. Positive signs are being seen and ETH could rise towards $1,800.
- Ethereum saw a significant increase in value above $1,650 and $1.700.
- Today, the price traded above $1700. The 100-hourly simple moving average is also up.
- A key bullish trendline is emerging with support at $1,700 (data feed via Kraken).
- This pair may continue rising if the price moves higher than $1,750.
Ethereum Price Ralls Above $1,700
Ethereum established a strong base at the $1,600 mark and began a significant increase. ETH managed to overcome a few major hurdles, nearing the $1650 and $1675 levels.
The price increased by more than 10% to $1,740. Bulls lifted the price up to $1,800. The price has corrected its gains since a new multi-week high near $1,784. A minor drop was seen below $1,750.
The 23.6% Fib Retracement Level of the Recent Increase from $1,602 Swing Low to $1,784 High was below Ether’s price. But, it’s still higher than $1,700, the 100 hourly simple moving mean, and is well over $1,700.
A key bullish trend line is also in place with support close to $1,700 as shown on the hourly charts of Ethereum/USD. The $1,740 mark is the immediate resistance. Near the $1,750 level is the first significant resistance.
Source: TradingView.com ETHUSD
The area of $1,780 is where the resistance lies. Price could move higher if the level is raised above $1,780. If the previous scenario is true, then the price might rise towards $1,880.
Dips that are supported by ETH
The downside correction could be initiated if the price of ethereum falls below $1,750. The $1,700 area is the initial support for the downside.
If the support level drops below $1,700, it could trigger a movement towards $1,670. This is just below the Fib level of the recent rise from the $1.602 swing high to $1.784 low. In the short term, any further losses could push the price towards the $1620 support level or the 100-hourly simple moving average.
Technical indicators
Minutely MACD – MACD for USD/ETH is losing momentum now in bullish territory.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $1,700
Major Resistance Level – $1,750
