TA: Ethereum Gearing For Another Lift-Off to $2k: Rally Isn’t Over Yet

Ethereum advanced above the $1,700 resistance level against the US Dollar. Positive signals are evident in Ethereum, and it may surpass the $1700 resistance against USD.

  • Ethereum experienced a significant increase in value and finally settled at $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 $1,725 (data feed via Kraken).
  • To move up towards $1,880, the pair needs to clear $1,780.

Ethereum Price uptrend Intact

Ethereum traded well above the $1650 level, and then started an increase. ETH cleared the crucial $1,700 resistance area and the 100 hourly simple moving Average.

The pair moved above the $1.750 resistance zone. Near $1,788, a multi-week peak was reached and now the pair is correcting its gains. The $1,750 mark was the lowest level of resistance. There was only a slight decline. Below the 23.6% Fib Retracement Level of the recent spike from $1620 low to $1788 high, Ether prices declined

Today, the price traded above $1,700. This is also higher than the 100 hourly simple moving median. On the hourly chart for ETH/USD, there is a bullish trend line with support at $1725 and a pivotal bearish trend line.

Ethereum Price

Source: TradingView.com ETHUSD

Surprisingly, resistance is near $1,750. Next is resistance at the $1780 level. The price could move towards $1,820 if it breaks the $1780 level. In the short term, any further gains could open up the possibility of a push towards $1,880 resistance. If bulls continue to be active, prices could surge towards $2,000

Dips supported in ETH

It could begin a downtrend correction if ethereum does not rise above $1,780. The $1,720 area is the initial support for the downside.

Near $1,700 is the next support. This is close to the Fib retracement levels of the recent rise from $1620 swing lows to $1788 highs. Additional losses could be triggered by a downside breakout below the $1700 support. The ether price could drop to $1,650 in the above scenario.

Technical indicators

Minutely MACDMACD is currently losing momentum for the bullish area of ETH/USD.

Hourly RSIThe RSI is currently below 50 for Ethereum/USD.

Major Support Level – $1,700

Major Resistance Level – $1,780

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