Ethereum started a strong rise above the $1,700 level against the US Dollar. ETH is showing positive signs and could climb back to $1,800.
- Ethereum started a big rally above the $1,650 and $1,700 levels.
- The price is currently trading above $1,700 and the hourly simple moving average is 100.
- There is a key bullish trend line forming with support near $1,700 on the ETH/USD hourly chart (data feed via Kraken).
- The pair may continue to rise if there is a clear move above the $1,750 level.
Ethereum Price Rally Above $1,700
Ethereum formed a base above the $1,600 level and started a the main increase. ETH could break some major hurdles near the $1,650 and $1,675 levels.
The price rose by more than 10% and even surpassed the $1,740 level. Bulls pumped the price to the $1,800 level. A new multi-week high was formed near $1,784 and the price is now correcting the gains. There was a small decline below the $1,750 level.
Ether price dropped below the 23.6% Fib retracement level of the recent rise from the $1,602 swing to $1,784 high. However, it is still well above $1,700 and 100 moving averages per hour.
There is also a key bullish trend line forming with support near $1,700 on the ETH/USD hourly chart. Immediate resistance on the upside near the $1,740 level. The first major resistance is near the $1,750 zone.
Source: ETHUSD on TradingView.com
The main resistance is now forming near the $1,780 zone. A clear move above the $1,780 level could push the price higher. In that case, the price may rise to the $1,880 resistance zone.
Dips Supported in ETH?
If ethereum fails to rise above the $1,750 resistance, it could start a downward correction. Initial support on the downside is near the $1,700 zone.
A clear move below the $1,700 support could trigger a move to the $1,670 level. It is close to the 50% Fib retracement level of the recent rise from the $1,602 swing to the $1,784 high. Another loss may push the price towards the $1,620 support or even the 100 hourly moving average in the near term.
Hourly MACD – The MACD for ETH/USD is currently losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Key Support Level – $1,700
Main Resistance Level – $1,750