After Bitcoin gained momentum against the US dollar, Ethereum prices began to rise significantly. ETH is rising and may test a key resistance level of $1750
After Bitcoin gained momentum against the US dollar, Ethereum prices began to rise significantly. ETH is rising and may test a key resistance level of $1750.
- Ethereum began to rise significantly above the resistance level of $1650.
- The price is trading above $1660 and the 100 hour simple moving average.
- There is a key bullish trend line on the ETH/USD hourly chart that forms support around $1645 (data from Kraken).
- The currency pair may further rise, but may face strong resistance around $1750.
Ethereum Price Returns to $1650
Ethereum remains above the $1550 support area. Recently, Bitcoin prices have broken through the resistance level of $28500, triggering a bullish trend in ETH. Steadily rising above resistance levels of $1600 and $1620.
The price even broke through the key resistance zone of $1650. Forming a high near $1700, prices are currently consolidating their gains. Its trading price is much higher than the 23.6% Fib retracement of the upward trend from a fluctuating low of $1620 to a high of $1700.
Ethereum's current trading price is above $1660 and the 100 hour simple moving average. A key bullish trend line has also formed on the ETH/USD hourly chart, with support around $1645. The trend line is located near the 61.8% Fib retracement level, which moves upward from the low point of $1620 volatility to the high point of $1700.
On the positive side, the price is facing resistance around $1700. The first major resistance is located near the $1720 area. The next key resistance level is $1750, where bears may appear. To continue to rise, prices must remain stable above the resistance level of $1750.
In the above situation, Ethereum may begin to rise strongly to the resistance level of $1880. Any further increase could open the door to moving towards $2000.
ETH downlink correction?
If Ethereum fails to break through the resistance level of $1700, it may begin a downward correction. The initial downward support is around $1660.
The next key support level is $1645 and the trend line area. Breaking below the support level of $1645 may lead to further price declines. In the above scenario, prices may fall towards the $1620 level and the 100 hour simple moving average. If there is further decline, Ethereum prices may rise to the level of $1550.
Technical indicators
The hourly RSI - ETH/USD RSI is currently above the 50 level.
Main support level - $1645
Main resistance level - $1700
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