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.
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 MACD – MACD is currently losing momentum for the bullish area of ETH/USD.
Hourly RSI – The RSI is currently below 50 for Ethereum/USD.
Major Support Level – $1,700
Major Resistance Level – $1,780