Ethereum price is correcting gains from the USD 1,750 resistance against the US dollar. ETH is trading above the USD 1,680 support and it could start a fresh increase.
- Ethereum started a downside correction below the USD 1,720 level.
- The price is trading above USD 1,690 and the 100-hour Simple Moving Average.
- A connecting bearish trendline is forming with resistance near USD 1,705 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could soon begin a fresh increase above USD 1,720 and USD 1,750.
Ethereum price looks fresh
Ethereum price started a decent increase above the USD 1,700 level. ETH climbed towards the $1,750 zone before the bears appeared, as did Bitcoin.
A high was formed near USD 1,747 and the price recently started a downside correction. There was a move below the USD 1,720 level. It even traded close to the 50% Fib retracement level of the main rise from the $1,640 swing low to the $1,747 high.
However, the bulls are active above the USD 1,680 level. Ether is now trading above $1,690 and the 100-hour Simple Moving Average. In addition, a connecting bearish trendline is forming with resistance around $1,705 on the ETH/USD hourly chart.
Source: ETHUSD at TradingView.com
On the upside, the price could see resistance near the USD 1,700 level and trendline. The next resistance is near the USD 1,710 level. A close above the USD 1,710 level could push the price towards the USD 1,750 zone. If there is a clear move above USD 1,750, Ethereum could rise towards the USD 1,800 resistance. Any further gains could push the price towards the USD 1,850 resistance.
Lose more in ETH?
If Ethereum fails to clear the USD 1,710 resistance, it could continue to decline. The initial downside support is near the USD 1,690 level. The first major support is close to USD 1,680 or the 61.8% Fib retracement level of the main rise from the USD 1,640 swing low to the USD 1,747 high.
The next major support is near the USD 1,665 level. If there is a downside break below USD 1,665, the price could extend its decline towards the USD 1,620 level. Any further losses could send the price towards the USD 1,540 level in the near term.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,680
Major resistance level – $1,710
