Ethereum accelerated above the $1,700 resistance level. ETH is showing positive signs and may even clear the $1,800 resistance.
- Ethereum began to rise sharply and surpassed the level of $1,700.
- The price is currently trading above $1,700 and the 100-hour simple moving average.
- There is a major uptrend line forming with support near $1,725 on the hourly chart of ETH/USD.
- The pair must break through $1,780 reaching a higher mark of up to $1,880 in the near term.
Ethereum Price Rises
Ethereum still bid above $1,650 and started a new rally. ETH was able to break through the critical resistance zone of $1,700 and the 100-hour simple moving average.
There has been a clear move above the $1,750 resistance zone. A new multi-week high was formed near $1,788, and the pair is currently correcting its gains. There was a small drop below the $1,750 level. Ether price has fallen below the 23.6% Fib retracement level of the recent rally from the $1,620 low to the $1,788 high.
The price is currently trading above $1,700 and the 100-hour simple moving average. There is also a major uptrend line forming with support near $1,725 on the hourly chart of ETH/USD.
In the opposite direction, eth price is facing resistance near the $1,750 level. The next major resistance level is near the $1,780 level. A break above $1,780 can bring the price back to $1,820. Any further gains could probably open the door for ETH to move toward $1,880 resistance in the near term. If the bulls remain active, the price may rise to the level of $2,000.
Decrease supported?
If Ethereum fails to break above the $1,780 resistance level, it could initiate a bearish correction. Initial support on the downside is near the $1,720 zone.
The next major support is near $1,700. It is near the 50% Fib retracement of the recent rally from the $1,620 low to the $1,788 high. A fall below the $1,700 support level could cause more losses. In the stated case, the ether price could fall to $1,650.
Technical indicators:
Hourly MACD – THE MACD of ETH/USD is currently losing momentum in the bullish zone.
Hourly RSI – The RSI of ETH/USD is currently below the 50 level.
Key support level – $1,700
Key resistance level – $1,780
