Ethereum price is attempting a recovery wave above the $1,740 level against the US dollar. ETH could rise steadily if there is a move above the USD 1,780 resistance.
- Ethereum is still below the $1,780 and $1,800 resistance levels.
- The price is trading below $1,780 and the 100-hour Simple Moving Average.
- There was a break above a major bearish trendline with resistance near USD 1,740 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could recover if there is a move above the USD 1,780 and USD 1,800 levels.
Ethereum Price Forms Support Base
The price of Ethereum settled below the $1,775 and $1,780 resistance levels. ETH tested the $1,720 zone and is currently forming a support base, similar to Bitcoin.
A low is forming near USD 1,718 and the price is attempting a recovery wave. The price is slowly rising above the $1,740 level. There was a break above a major bearish trendline with resistance near USD 1,740 on the ETH/USD hourly chart.
Ether is now testing the 23.6% Fib retracement level of the main drop from the $1,854 swing high to the $1,718 low. However, it is still trading below $1,780 and the 100-hour Simple Moving Average.
Immediate resistance is near the $1,770 zone and the 100-hour Simple Moving Average. The next major resistance is near the $1,785 level. It is close to the 50% Fib retracement level of the main drop from the $1,854 swing high to the $1,718 low.
Source: ETHUSD at TradingView.com
A good move above the $1,770 and $1,785 resistance levels could send Ether to $1,820. The next resistance is near $1,850, above which Ethereum could rise towards the $1,880 level. More gains above the $1,880 resistance zone could push the price towards the $1,920 resistance.
Another drop in ETH?
If Ethereum fails to clear the $1,770 resistance, it could start a fresh decline. The first support on the downside is near the $1,730 level.
The next major support is near the $1,720 level. If there is a break and close below the USD 1,720 support, the price might gain bearish momentum towards the USD 1,640 support. Even more losses might send the price towards the $1,600 zone.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,720
Major resistance level – $1,780