Ethereum Rallies To $1,700, Why ETH Remains In Strong Uptrend

Ethereum broke the $1,500 resistance and traded to a new all-time high at $1,697 against the US Dollar. ETH price is correcting gains, but dips are likely to be limited in the near term.
Ethereum is up over 10% and it traded to a new all-time high near $1,697.
The price is now trading well above $1,600 and the 100 hourly simple moving average.
There is a crucial bullish trend line forming with support near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher towards $1,720 as long as it is above $1,640.
Ethereum Price Trades Close To $1,700
After a clear break above $1,450 and $1,500, Ethereum started a strong increase. ETH gained over 15% and it surpassed the $1,600 resistance level. The price even climbed above $1,650 and traded close to the $1,700 level.
A new all-time high is formed near $1,697 and the price settled well above the 100 hourly simple moving average. It is currently correcting lower and trading below $1,680. There was a test of the 23.6% Fib retracement level of the recent rally from the $1,513 swing low to $1,697 high.
On the downside, there is a decent support forming near the $1,640 level. There is also a crucial bullish trend line forming with support near $1,640 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
Ether price is clearly following a nice uptrend above $1,600 and the 100 hourly simple moving average. On the upside, the bulls are facing hurdles near $1,700. A clear break above $1,700 may possibly lift the price towards the $1,765 and $1,780 levels in the near term.
Dips Supported in ETH?
If Ethereum fails to clear the $1,700 resistance level, it could correct lower. An initial support is near the trend line and the $1,640 zone.
A downside break below the trend line support could push the price towards the $1,600 support zone. It is close to the 50% Fib retracement level of the recent rally from the $1,513 swing low to $1,697 high. Any more losses is likely to lead the price towards the $1,500 support zone in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is correcting lower towards the 60 level.
Major Support Level – $1,640
Major Resistance Level – $1,700

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