More

    Ethereum Rallies Above $1,700, Why ETH Could Soon Test $1,800

    Ethereum started a strong increase above the $1,650 and $1,700 resistance levels against the US Dollar. ETH price is likely to continue higher towards $1,800 in the near term.
    Ethereum started a fresh increase above the $1,650 and $1,700 resistance levels.
    The price is now trading well above $1,700 and the 100 hourly simple moving average.
    There is a major bullish trend line forming with support near $1,660 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could correct lower, but the bulls are likely to remain active near $1,700 and $1,680.
    Ethereum Price Gains Bullish Momentum
    Ethereum formed a strong support base above $1,600 before it climbed above $1,650. ETH also formed a base above the $1,650 level before the bulls pushed the price above the $1,700 resistance level.
    It gained over 5% and it traded to a new weekly high at $1,754. It is currently trading well above $1,700 and the 100 hourly simple moving average. An initial support on the downside is near the $1,700 level. The 50% Fib retracement level of the upward move from the $1,633 swing low to $1,754 high is also near $1,695.

    Source: ETHUSD on TradingView.com
    Moreover, there is a major bullish trend line forming with support near $1,660 on the hourly chart of ETH/USD. The trend line is close to the 76.4% Fib retracement level of the upward move from the $1,633 swing low to $1,754 high.
    On the upside, the $1,750 level is a key resistance for more gains. A clear break above the recent high could open the doors for a move towards the $1,800 barrier. The next major resistance is near the $1,850 level.
    Dips Supported in ETH?
    If Ethereum fails to continue higher above the $1,740 and $1,750 resistance levels, it could start a downside correction. An initial support on the downside is near the $1,700 level.
    The main support is now forming near the trend line and $1,650. If there is a downside break below the trend line support, there is a risk of more losses. In the stated case, ether price may possibly decline towards the $1,620 support zone in the near term.
    Technical Indicators
    Hourly MACD – The MACD for ETH/USD is showing positive signs in the bullish zone.
    Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
    Major Support Level – $1,650
    Major Resistance Level – $1,750

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 63,048.00
    ethereum
    Ethereum (ETH) $ 2,316.79
    binance-coin
    Binance Coin (BNB) $ 548.79
    xrp
    XRP (XRP) $ 1.67
    tether
    Tether (USDT) $ 0.997944
    cardano
    Cardano (ADA) $ 1.37
    polkadot
    Polkadot (DOT) $ 40.60
    uniswap
    Uniswap (UNI) $ 33.44
    litecoin
    Litecoin (LTC) $ 258.37
    dogecoin
    Dogecoin (DOGE) $ 0.121601
    chainlink
    Chainlink (LINK) $ 35.23
    bitcoin-cash
    Bitcoin Cash (BCH) $ 765.29
    stellar
    Stellar (XLM) $ 0.599150
    theta-token
    Theta Network (THETA) $ 11.78
    usd-coin
    USD Coin (USDC) $ 0.993244
    filecoin
    Filecoin (FIL) $ 164.58
    vechain
    VeChain (VET) $ 0.158231
    tron
    TRON (TRX) $ 0.133098
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 63,035.00
    klay-token
    Klaytn (KLAY) $ 2.84
    eos
    EOS (EOS) $ 7.13
    solana
    Solana (SOL) $ 24.91
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.240637
    terra-luna
    Terra (LUNA) $ 15.31
    compound-ether
    cETH (CETH) $ 46.50
    monero
    Monero (XMR) $ 313.55
    iota
    IOTA (MIOTA) $ 2.01
    cosmos
    Cosmos (ATOM) $ 23.11
    okb
    OKB (OKB) $ 20.34
    bitcoin-sv
    Bitcoin SV (BSV) $ 285.72
    binance-usd
    Binance USD (BUSD) $ 0.991985
    bittorrent-2
    BitTorrent (BTT) $ 0.007661
    aave
    Aave (AAVE) $ 392.52
    ftx-token
    FTX Token (FTT) $ 54.44
    tezos
    Tezos (XTZ) $ 6.21
    avalanche-2
    Avalanche (AVAX) $ 36.18
    neo
    NEO (NEO) $ 64.11
    elrond-erd-2
    Elrond (EGLD) $ 232.01
    compound-usd-coin
    cUSDC (CUSDC) $ 0.021763
    kusama
    Kusama (KSM) $ 442.02
    algorand
    Algorand (ALGO) $ 1.41
    huobi-token
    Huobi Token (HT) $ 20.32
    nem
    NEM (XEM) $ 0.399599
    pancakeswap-token
    PancakeSwap (CAKE) $ 22.55
    thorchain
    THORChain (RUNE) $ 14.31
    cdai
    cDAI (CDAI) $ 0.021228
    holotoken
    Holo (HOT) $ 0.017329
    dai
    Dai (DAI) $ 0.995889
    hedera-hashgraph
    Hedera Hashgraph (HBAR) $ 0.367169
    havven
    Synthetix Network Token (SNX) $ 18.79