Ethereum price started a new rally and remained stable above $1,680. $ETH The price has now corrected its gains and could move higher if it breaks above $1,750.
- Ethereum has started a decent rally above the $1,620 resistance.
- The price is trading above $1,680 and the 100-hour simple moving average.
- On the hourly chart of , a bullish trend line is forming with support at $1,665. $ETH/USD (data feed via Kraken).
- If the pair breaks above the $1,650 zone, it is likely that the pair will continue to move higher.
Ethereum price aims to rise further
Ethereum price managed to rise above the $1,600 support and started a new rally similar to Bitcoin. $ETH Prices rose at a pace above $1,620 and $1,640.
The price rose to $1,740. A high was formed at $1,731 and the price is currently consolidating gains above the 23.6% Fib retracement level of the rise from the swing low of $1,603 to the high of $1,731. Additionally, a bullish trend line has formed with support at $1,665 on the hourly chart. $ETH/USD.
Ethereum price is currently trading above $1,680 and its 100-hour simple moving average. If the bulls sustain the action above $1,665, the price could try to move higher.
Immediate resistance is seen near the $1,720 level. The first major resistance level is near the $1,740 level. The next major resistance level is near the $1,780 level. A clear break above the $1,780 resistance could send the price heading towards the $1,850 resistance. A break above the $1,850 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $1,880 resistance zone and even $1,920 in the short term.
Another pullback in $ETH?
If Ethereum fails to clear the $1,740 resistance level, a downside correction could begin. The first support on the downside is near the $1,680 level. The first major support is near the $1,665 zone and trendline. The trendline is also close to the 50% fibritracement level of the swing low of $1,603 to the high of $1,731.
A clear move below the $1,665 support could push the price towards the $1,650 support. Any further losses could send the price towards the $1,620 area. The main support could be at $1,600.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bullish zone.
hourly RSI – RSI $ETH/USD is currently above the 50 zone.
Major Support Level – $1,665
Major Resistance Level – $1,740
