- Ethereum is struggling below the resistance levels of $1,770 and $1,780.
- The price is trading below $1,770 and the 100 hourly simple moving average.
- On the hourly ETH/USD chart, there was a break above a short-term consolidation triangle around $1,740.
Ethereum price is finding support above the $1,720 region. If ETH moves above the $1,770 resistance, it could start a strong recovery.
Ethereum Trading Above $1700
The price of Ethereum is finding good demand above the $1,720 support region. ETH seems to be forming a base above the $1,720 level, similar to Bitcoin. A low was formed around $1,718 and the price is slowly rising.
The price broke above the $1,740 level. Additionally, on the ETH/USD hourly chart, there was a break above a short-term contracting triangle with resistance near $1,740. The pair is currently struggling to settle above the 23.6% Fib retracement level of the major decline from the $1,855 high to $1,718 low.
Ethereum is still trading below $1,770 and the 100 hourly simple moving average. Immediate resistance is near the $1,760 level and the 100 hourly simple moving average. The first major resistance is near the $1,780 level, which is the 50% Fib retracement level of the major decline from the $1,855 high to $1,718 low.
ETH/USD 1 Hour Price Chart
A strong move above the resistance levels of $1,770 and $1,780 could lead Ethereum towards $1,850. The next resistance is located around $1,880, above which Ethereum could have the potential to rise to $1,920. Any gains above the $1,920 resistance zone could send the price towards the $2,040 resistance.
Will ETH Continue to Decline?
If Ethereum fails to surpass the $1,780 resistance, it could start another decline. The first downside support is near the $1,730 level and the triangle trend line.
The next major support is near $1,720. A break below the $1,720 support and a close below this level could lead to a significant decline towards the $1,640 support level. Further losses could send the price towards the $1,600 region.
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
- Main Support Level – $1,720
- Main Resistance Level – $1,780
