Ethereum started a strong rise above the $1,700 level against the US Dollar. ETH is showing positive signs and could rise to $1,800 again.
Ethereum started a major rise 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 go higher if there is a clear move above the $1,750 level.
Ethereum Price Rises Above $1,700
Ethereum formed a base above the $1600 level and started a major rally. ETH was able to clear some key hurdles near the $1,650 and $1,675 levels.
The price jumped more than 10% and even broke above the $1,740 level. The bulls pushed 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 dipped below the 23.6% Fibonacci retracement level of the recent rise from the $1,602 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
Major resistance is now forming near the $1,780 zone. A clear move above the $1,780 level could push the price further. In the indicated case, the price perhaps rises towards the $1,880 resistance zone.
Supported dips in ETH?
If Ethereum fails to break above the $1,750 resistance, a downside correction could start. An initial support on the downside is near the $1,700 zone.
A clear move below the $1,700 support could trigger a move towards the $1,670 level. It is near the 50% Fib retracement level of the recent rise from the $1,602 low to $1,784 high. Further losses could even push the price to $1,620 support or even the 100 hourly simple moving average in the near term.
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
This post Ethereum soars towards $1,800 as bulls take control of crypto market
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