Ethereum price started to rise again and remained stable above USD 1,680. ETH is now correcting gains and could continue higher if it clears $1,750.
- Ethereum started a decent upward move above the USD 1,620 resistance.
- The price is trading above USD 1,680 and the 100-hourly Simple Moving Average.
- A bullish trendline is forming with support at $1,665 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains above the $1,650 zone.
Ethereum price aims for more upside potential
Ethereum price managed to stay above the USD 1,600 support and started a new increase, just like Bitcoin. ETH price gained pace and rose above USD 1,620 and USD 1,640.
The price even climbed towards $1,740. A high was reached at $1,731, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $1,603 swing low to the $1,731 high. Moreover, a bullish trendline is forming with support at $1,665 on the hourly chart of ETH/USD.
Ethereum price is now trading above $1,680 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,665, the price could rise again.
Immediate resistance is seen around the $1,720 level. The first major resistance is around the $1,740 level. The next major resistance is around the $1,780 level. A clear move above the USD 1,780 resistance could send the price towards the USD 1,850 resistance. An upside break above the $1,850 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $1,880 or even $1,920 in the short term.
Another pullback in ETH?
If Ethereum fails to clear the USD 1,740 resistance, it could initiate a downward correction. The initial downside support is near the $1,680 level. The first major support is near the $1,665 zone and the trendline. The trendline is also close to the 50% Fib retracement level of the upward move from the $1,603 swing low to the $1,731 high.
A clear move below the USD 1,665 support could push the price towards the USD 1,650 support. Any further losses could send the price towards $1,620. The main support could be at $1,600.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $1,665
Major resistance level – $1,740