Ethereum price is attempting a fresh rise above $1,720 against the US dollar. ETH could accelerate higher if it clears the USD 1,750 resistance.
- Ethereum is attempting another surge above the USD 1,720 level.
- The price is trading above $1,700 and the 100-hourly Simple Moving Average.
- A connecting trendline is forming with resistance near $1,750 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks the $1,750 resistance zone.
Ethereum price is gaining traction
Ethereum price rose above the $1,650 level. ETH formed a base above $1,650 and recently started a decent rise above the $1,700 level, as did Bitcoin.
There was a move above the USD 1,720 resistance level and the price tested the USD 1,750 zone. A high was reached around $1,756 and there was a small downward correction. The price fell below the $1,735 level. However, it is still above the 50% Fib retracement level from the recent rally from the $1,668 swing low to the $1,756 high.
Ethereum is trading above $1,700 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 1,750 level. A connecting trendline is also forming with resistance near $1,750 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The next major resistance is $1,800. A clear move above the USD 1,800 resistance zone could set the pace for a bigger rise. In the mentioned case, the price could reach the resistance at USD 1,850. The next major resistance could be $1,920. Any further gains could open the doors for a move towards $2,000.
Are dips supported in ETH?
If Ethereum fails to clear the USD 1,750 resistance, it could initiate a downward correction. The initial downside support is near the $1,710 level. The next major support is at USD 1,680.
The 76.4% Fib retracement level from the recent rally from the $1,668 swing low to the $1,756 high is also near $1,685 to provide support, below which the price could test the $1,650 support. A downward break below the USD 1,650 support could trigger a new bearish wave. In the mentioned case, there could be a decline towards the USD 1,600 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,700
Major resistance level – $1,750