The price of Ethereum started a new high and settled above $1,680. ETH is now in the process of making gains and it could continue if it clears $1,750.
- Ethereum started an upward move above the $1,620 resistance.
- The price is trading above $1,680 and the 100-hourly Simple Moving Average.
- There is a strong trend line formed by support at $1,665 on the ETH/USD hourly chart (data feed via Kraken).
- The pair may continue to rise if it stays above the $1,650 zone.
Ethereum Price Needs More Information
The price of Ethereum was able to stay above the support of $ 1,600 and start a new increase, as Bitcoin. ETH price started moving above $1,620 and $1,640.
The price went up to $1,740. A rally was made at $1,731, and the price now includes gains above the 23.6% Fib retracement level of the moving up from a $1,603 low to a $1,731 high. Besides, there is a strong bullish trend forming with support at $1,665 on the ETH/USD hourly chart.
The price of Ethereum is now trading above $1,680 and the 100-hourly Simple Moving Average. If bulls are still working above $1,665, the price may try another increase.
Immediate resistance is seen near the $1,720 level. The first important resistance is near the $1,740 level. The next major resistance is near the $1,780 level. A clear move above the $1,780 resistance could send the price to the $1,850 resistance. A recent break above the $1,850 area may demand more gains in the coming days. For the reasons stated, Ether may rise to the resistance area of $1,880 or $1,920 in the near future.
Another return in ETH?
If Ethereum fails to clear the resistance of $1,740, it may initiate a correction. The initial support at the bottom is near the $1,680 level. The first major support is located near the $1,665 zone and the trend line. The line is also near the 50% Fib retracement level of the high from the $1,603 swing low to the $1,731 high.
A reasonable move below the $1,665 support could push the price towards the $1,650 support. Any further damage could send the price to the $1,620 area. The maximum grant can be $1,600.
Technical Indicators
MACD hourly – MACD of ETH/USD is increasing in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Maximum Contribution Rate – $1,665
Maximum Objection Level – $1,740
