Ethereum’s price is making an effort to climb above $1,720 against the US Dollar. It has the potential for a significant upward momentum if it successfully breaks through the $1,750 resistance.
Currently, Ethereum is in the process of a fresh upward movement beyond the $1,720 mark. It is maintaining a trading position above $1,700 and is also above the 100-hourly Simple Moving Average. Additionally, there is an emerging connecting trend line with resistance approximately at $1,750 on the hourly ETH/USD chart (data sourced from Kraken). If the price manages to surpass the $1,750 resistance area, it could continue its ascent.
Ethereum’s price is gaining momentum.
Ethereum’s price has established stability above the $1,650 mark, forming a strong foundation at this level. Following in the footsteps of Bitcoin, it has recently embarked on a notable uptrend that carried it above $1,700.
During this bullish move, Ethereum surpassed the $1,720 resistance level and tested the $1,750 region, reaching a peak around $1,756. Subsequently, there was a minor corrective pullback, causing the price to dip below $1,735. However, it has maintained its position above the 50% Fibonacci retracement level of the recent surge from the $1,668 swing low to the $1,756 high.
Presently, Ethereum is trading above $1,700 and is supported by the 100-hourly Simple Moving Average. Looking ahead, potential resistance awaits around the $1,750 level. Additionally, there is a converging trend line forming, indicating resistance in the vicinity of $1,750 on the hourly ETH/USD chart.
The upcoming significant hurdle stands at $1,800. If there’s a decisive breakthrough beyond this $1,800 resistance zone, it could potentially pave the way for a more substantial upswing. In such a scenario, the price might aim for the $1,850 resistance level. Beyond that, the next notable resistance could be at $1,920. Further advances could potentially unlock the path toward the $2,000 mark.
Are Dips Supported in ETH?
Should Ethereum fail to surpass the $1,750 resistance barrier, it may initiate a downward correction. Initially, support can be found near the $1,710 level, followed by a pivotal support at $1,680.
Notably, the 76.4% Fibonacci retracement level of the recent rally, calculated from the $1,668 swing low to the $1,756 high, coincides with the vicinity of $1,685, offering additional support. A breach below this level might lead to a test of the $1,650 support. A further dip below $1,650 could potentially trigger a fresh bearish wave, potentially resulting in a decline towards the $1,600 level.
Regarding the technical indicators, the hourly MACD for ETH/USD indicates a waning bullish momentum, while the hourly RSI is currently above the 50 level.
Key Levels to Watch:
- Major Support Level: $1,700
- Major Resistance Level: $1,750