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 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.
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
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