Ethereum price is showing positive signs above $1,700 against the US dollar. ETH could gain bullish momentum if it clears the $1,750 resistance zone.
- Ethereum is slowly moving higher above the $1,700 and $1,720 resistance levels.
- The price is trading above $1,720 and the 100-hour Simple Moving Average.
- A major bullish trendline is forming with support near $1,718 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to climb above the USD 1,750 and USD 1,765 resistance levels.
Ethereum price stable above $1,700
Ethereum price started a steady recovery wave above the USD 1,650 level. ETH was able to settle above the $1,700 resistance zone, similar to Bitcoin.
Recently, the price saw a minor downside correction from the high of $1,768. The price was trading below the $1,720 level, but the bulls were active near the $1,700 level. A low is formed near $1,698 and the price is once again attempting another rise.
There was a break above the USD 1,720 resistance. The price climbed above the 50% Fib retracement level of the downward move from the $1,768 swing high to the $1,698 low.
Ether is now trading above USD 1,720 and the 100-hour Simple Moving Average. A major bullish trendline is also forming with support near USD 1,718 on the ETH/USD hourly chart. Immediate resistance is near the $1,750 level. The next major resistance is near the $1,765 level.
Source: ETHUSD at TradingView.com
A successful move above the $1,750 and $1,765 resistance levels could trigger a steady wave of recovery. The next resistance is near USD 1,800, above which Ethereum could rise towards the USD 1,850 level. More gains above the $1,850 resistance zone could push the price towards the $1,920 resistance.
Ae Dips Supported in ETH?
If Ethereum fails to clear the $1,750 resistance, it could start a fresh decline. The first support on the downside is near the $1,720 level and trendline.
The next major support is near the $1,700 level or recent low. If there is a break and closes below the $1,700 support, the price could fall towards the $1,675 support. Any more losses might send the price towards the $1,620 zone.
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 above the 50 level.
Major Support Level – $1,700
Major resistance level – $1,765