Ethereum increased above the $1,720 level against the US Dollar. ETH is currently consolidating above the key $1,670 support zone.
- Ethereum remains in the positive zone but is struggling near the $1,785 resistance zone.
- The price is currently trading above $1,650 and the hourly simple moving average is 100.
- There is a break below the key bullish trend line with support near $1,710 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a downward correction if it closes below $1,670 and $1,650.
Ethereum Price Has Key Support
Ethereum remains in a positive zone above the $1,600 level. ETH even increased above the $1,670 and $1,700 levels.
It rose above $1,750 but there was no move to $1,800. A high was formed near $1,784 and the price started a downside correction. There was a small move below the $1,730 and $1,720 levels. Ether declined below the 23.6% Fib retracement level of the upward move from the $1,355 swing to the $1,784 high.
Additionally, there is a break below the main bullish trend line with support near $1,710 on the ETH/USD hourly chart. The price is currently trading above $1,650 and the hourly simple moving average is 100.
It is also consolidating above 100 moving averages per hour. Immediate resistance on the upside near the $1,720 level. The first major resistance is near the $1,750 zone.
Source: ETHUSD on TradingView.com
The main resistance is now forming near the $1,785 zone. A clear move above the $1,785 level could even pump the price up to $1,850. In that case, the price may rise to the $1,920 resistance zone.
Downside Break in ETH?
If ethereum fails to rise above the $1,750 resistance, it could start a downward correction. The initial support at the bottom is near the $1,670 zone and the 100 hourly SMA.
A clear move below the $1,670 support could trigger a move to the $1,625 level. The next major support is near the 50% Fib retracement level of the upward move from the $1,355 swing to the $1,784 high. Another loss could push the price towards the $1,500 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $1,670
Main Resistance Level – $1,750
