Ethereum price recovers above $1,700 against the US dollar. ETH could continue rising if it clears the $1,780 resistance zone.
- Ethereum was able to climb above the $1,700 and $1,720 resistance levels.
- The price is trading above $1,700 and the 100-hour Simple Moving Average.
- There was a break above a major bearish trendline with resistance near $1,720 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to climb above the USD 1,750 and USD 1,780 resistance levels.
Ethereum price is trying to recover
Ethereum price could form a support base above the USD 1,620 level. ETH started a decent recovery wave above the $1,680 and $1,700 resistance levels, similar to Bitcoin.
In addition, there was a break above a major bearish trendline with resistance near USD 1,720 on the ETH/USD hourly chart. The bulls actually pushed the price above the $1,750 resistance and the 100-hour Simple Moving Average. It tested the $1,770 level. A high is forming near $1,768 and the price is now correcting gains.
There was a move below the $1,750 level. Ether dipped below the 23.6% Fib retracement level of the upward move from the $1,620 swing low to the $1,768 high.
It is now trading above $1,700 and the 100-hour Simple Moving Average. Immediate resistance is near the $1,740 level. The next major resistance is near the $1,770 level.
Source: ETHUSD at TradingView.com
The main resistance is near $1,780. A good move above the $1,770 and $1,780 resistance levels could spark a steady recovery wave. The next resistance is near $1,820, above which Ethereum could rise towards the $1,850 level. More gains above the $1,850 resistance zone could push the price towards the $1,920 resistance.
New Decline in ETH?
If Ethereum fails to clear the $1,780 resistance, it could start a fresh decline. The first support on the downside is near the $1,710 level.
The next major support is near the $1,675 level or the 61.8% Fib retracement level of the upward move from the $1,620 swing low to the $1,768 high. If there is a break and closes below the $1,675 support, the price could plunge towards the $1,620 support. Even more losses might send the price towards the $1,550 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 below the 50 level.
Major Support Level – $1,675
Major resistance level – $1,780