- Ethereum managed to rise above the resistance levels of $1,700 and $1,720.
- The price is trading above $1,700 and the 100-hour Simple Moving Average.
- On the hourly chart of ETH/USD, an important downtrend line was surpassed around $1,720.
Ethereum price is recovering by surpassing $1,700. If ETH breaks the $1,780 resistance zone, it can continue its upward movement.
Ethereum Price Trying to Recover
Ethereum has managed to establish a support base above the $1,620 level. Similar to Bitcoin, ETH has initiated a good recovery wave above the $1,680 and $1,700 resistance levels.
Additionally, an important downtrend line was surpassed around $1,720 on the ETH/USD hourly chart. Bulls pushed the price above the $1,750 resistance and the 100-hour Simple Moving Average. It tested the $1,770 level and formed a peak around $1,768.
Ethereum retraced below the 23.6% Fib retracement level of the upward move from the $1,620 low to $1,768 high.
Currently, it is trading above $1,700 and the 100-hour Simple Moving Average. The immediate resistance level is around $1,740. The next significant resistance level is around $1,770.
ETH/USD 1 Hour Price Chart
The main resistance is located around $1,780. A smooth movement above the $1,770 and $1,780 resistance levels can initiate a stable recovery wave. The next resistance level is around $1,820, above which Ethereum can rise towards the $1,850 level. Any gains above the $1,850 resistance zone can lead the price towards the $1,920 resistance.
Could There Be a Decline in ETH?
If Ethereum fails to surpass the $1,780 resistance, it could start a new decline. The first downside support level is around $1,710.
The next significant support level is located around $1,675, near the 61.8% Fib retracement level of the upward move from the $1,620 low to $1,768 high. If there is a break and close below the $1,675 support, the price could decline towards the $1,620 support. Further losses could lead the price towards the $1,550 region.
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
- Main Support Level – $1,675
- Main Resistance Level – $1,780
