More

    Ethereum Lacks Momentum Above $1,700, Why Dips Likely To Be Limited

    Ethereum recovered above $1,700 and it even tested $1,730 against the US Dollar. ETH price is showing positive signs, but it must settle above $1,720 for a sustained upward move.
    Ethereum gained traction after there was a close above the $1,600 level.
    The price is now above the $1,650 resistance and the 100 hourly simple moving average.
    There is a key bullish trend line forming with support near $1,675 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could start a strong rally if there is a clear break above $1,710 and $1,730.
    Ethereum Price Turns Green
    Ethereum found support near the $1,550 zone and started a steady increase, similar to bitcoin. ETH cleared a few important hurdles near $1,600 and $1,620 to move into a positive zone.
    The main hurdle cleared was near $1,650 and the 100 hourly simple moving average. The price even climbed above the $1,700 level. A high was formed near the $1,733 level before there was a downside correction.
    There was a break below the $1,700 level, but the price remained stable near the $1,660 level. A low is formed near $1,662 and the price is rising. It is now above the $1,650 resistance and the 100 hourly simple moving average.
    There is also a key bullish trend line forming with support near $1,675 on the hourly chart of ETH/USD. An immediate resistance is near the $1,700 level. It is close to the 50% Fib retracement level of the downward move from the $1,733 high to $1,662 low.

    Source: ETHUSD on TradingView.com
    The first key resistance is near a connecting bearish trend line at $1,710 on the same chart. The trend line is close to the 61.8% Fib retracement level of the downward move from the $1,733 high to $1,662 low.
    A clear break above the $1,700 and $1,710 levels could set the pace for a strong increase. In the stated case, the price is likely to visit the $1,750 and $1,780 levels.
    Fresh Decline in ETH?
    If Ethereum fails to climb above the $1,700 and $1,710 resistance levels, it could start a fresh decline. An initial support on the downside is near the $1,685 level and the 100 hourly SMA.
    The first key support is near the $1,675 level and the trend line. The main support is near the $1,650 level. A clear downside break below the $1,650 support could lead the price towards the $1,550 level.
    Technical Indicators
    Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
    Hourly RSI – The RSI for ETH/USD is now above the 50 level.
    Major Support Level – $1,650
    Major Resistance Level – $1,720

    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) $ 64,199.00
    ethereum
    Ethereum (ETH) $ 2,387.33
    binance-coin
    Binance Coin (BNB) $ 569.18
    xrp
    XRP (XRP) $ 1.81
    cardano
    Cardano (ADA) $ 1.46
    tether
    Tether (USDT) $ 0.999832
    polkadot
    Polkadot (DOT) $ 42.46
    uniswap
    Uniswap (UNI) $ 35.03
    litecoin
    Litecoin (LTC) $ 271.29
    dogecoin
    Dogecoin (DOGE) $ 0.138660
    chainlink
    Chainlink (LINK) $ 37.43
    bitcoin-cash
    Bitcoin Cash (BCH) $ 804.75
    stellar
    Stellar (XLM) $ 0.632575
    theta-token
    Theta Network (THETA) $ 12.22
    filecoin
    Filecoin (FIL) $ 171.99
    usd-coin
    USD Coin (USDC) $ 1.00
    vechain
    VeChain (VET) $ 0.165923
    tron
    TRON (TRX) $ 0.142972
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 64,271.00
    eos
    EOS (EOS) $ 7.63
    klay-token
    Klaytn (KLAY) $ 2.88
    solana
    Solana (SOL) $ 25.99
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.246560
    terra-luna
    Terra (LUNA) $ 16.21
    compound-ether
    cETH (CETH) $ 47.89
    cosmos
    Cosmos (ATOM) $ 24.56
    monero
    Monero (XMR) $ 325.09
    iota
    IOTA (MIOTA) $ 2.08
    okb
    OKB (OKB) $ 21.27
    bitcoin-sv
    Bitcoin SV (BSV) $ 298.00
    bittorrent-2
    BitTorrent (BTT) $ 0.008134
    binance-usd
    Binance USD (BUSD) $ 0.998470
    tezos
    Tezos (XTZ) $ 6.56
    aave
    Aave (AAVE) $ 404.54
    ftx-token
    FTX Token (FTT) $ 56.71
    neo
    NEO (NEO) $ 67.70
    avalanche-2
    Avalanche (AVAX) $ 35.05
    kusama
    Kusama (KSM) $ 466.20
    compound-usd-coin
    cUSDC (CUSDC) $ 0.021984
    algorand
    Algorand (ALGO) $ 1.48
    elrond-erd-2
    Elrond (EGLD) $ 234.31
    nem
    NEM (XEM) $ 0.440748
    huobi-token
    Huobi Token (HT) $ 20.78
    pancakeswap-token
    PancakeSwap (CAKE) $ 23.89
    thorchain
    THORChain (RUNE) $ 15.07
    cdai
    cDAI (CDAI) $ 0.021458
    holotoken
    Holo (HOT) $ 0.018221
    dai
    Dai (DAI) $ 1.00
    dash
    Dash (DASH) $ 302.69
    hedera-hashgraph
    Hedera Hashgraph (HBAR) $ 0.393105