Ethereum started a major increase above the $1,650 and $1,700 levels.
The price is now trading above $1,700 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if there is a clear move above the $1,750 level.
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Ethereum Price Rallies Above $1,700
Ethereum formed a base above the $1,600 level and started a major increase. ETH was able to clear a few key hurdles near the $1,650 and $1,675 levels.
The price jumped over 10% and even surpassed the $1,740 level. The bulls pumped the price towards the $1,800 level. A new multi-week high was formed near $1,784 and the price is now correcting gains. There was a minor decline below the $1,750 level.
Ether price dropped below the 23.6% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. However, it is still well above $1,700 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,740 level. The first major resistance is near the $1,750 zone.
Source: ETHUSD on TradingView.com
The main resistance is now forming near the $1,780 zone. A clear move above the $1,780 level could push the price further higher. In the stated case, the price may perhaps rise towards the $1,880 resistance zone.
Dips Supported in ETH?
If ethereum fails to rise above the $1,750 resistance, it could start a downside correction. An initial support on the downside is near the $1,700 zone.
A clear move below the $1,700 support might spark a move towards the $1,670 level. It is near the 50% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. Any more losses might even push the price to the $1,620 support or even the 100 hourly simple moving average in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $1,700
Major Resistance Level – $1,750
