Ethereum has settled below $1,750 against the US dollar. ETH has held well above $1,680 and is eyeing a new high above $1,750.
- Ethereum is trading in a silver zone above the $1,680 and $1,700 levels.
- The price is currently trading at $1,720 and the 100 hourly simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken) there is a key bullish flag pattern forming resistance around $1,730.
- The pair needs to clear $1,750 to move higher towards $1,850 in the near term.
The price of Ethereum is high.
Ethereum gained momentum above the $1,700 and $1,720 levels. ETH even cleared the $1,750 level, but there was no test of the $1,800 protection zone. The price formed a high around $1,788 before starting a lower correction.
There was a move below the $1,750 level and the 100 hourly simple moving average. The price dropped below the 23.6% Fib retracement level from the swing low of $1,490 to the high of $1,788. The price of Ether has dropped even below the $1,700 level.
However, the bulls were active around the $1,680 level. The price is now rising and trading above $1,700. It is trading near $1,720 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near the $1,730 level. On the hourly chart of ETH/USD there is a key bullish flag pattern with resistance around $1,730. The next major resistance is near the $1,750 level. A clear break above $1,750 could send the price towards the $1,780 level.
Source: ETHUSD on TradingView.com
Any further gains would likely open the door to a move towards $1,850 resistance in the near term. If the bulls remain in action, the price may rise towards the $1,880 level.
Dips Limited in ETH?
If ethereum fails to rise above the $1,750 resistance, a downward correction may begin. The first support on the downside is near the $1,680 zone.
The next major support is near $1,650. The fib retracement level from the $1,490 low to the $1,788 high is near the 50% level. A bearish break below the $1,650 support could trigger more losses. In the mentioned scenario, the price of Ether could drop to the $1,600 level.
Hourly MACD – The MACD for ETH/USD is currently trending in a bullish zone.
Hourly RSI – The ETH/USD RSI is now above the 50 level.
Main support level – $1,680
Main resistance level – $1,750