Ethereum price began a new rise and remained stable above $1,680. ETH is currently correcting gains and could continue to rise once $1,750 is cleared.
- Ethereum began a significant rally above the $1,620 resistance level.
- The price is trading above $1,680 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a bullish trendline forming with support at $1,665.
- If it stays above the $1,650 area, the pair could continue to rise.
Ethereum price aims for further rises
Ethereum price remained above the $1,600 support and, like Bitcoin, began a new rally. ETH price rose above $1,620 and $1,640.
The price rose to $1,740. A high was formed at $1,731, and the price is currently consolidating gains above the 23.6% Fib retracement level, rising from the $1,603 swing low to the $1,731 high. Additionally, there is a bullish trend line supporting $1,665 on the hourly chart of ETH/USD.
Ethereum price is currently trading above $1,680 and the 100-hour simple moving average. If the uptrend continues above $1,665, the price could attempt another rally.
Immediate resistance appears near the $1,720 level. The first major resistance is near the $1,740 level. The next major resistance is near the $1,780 level. A clear break above the $1,780 resistance level could push the price towards the $1,850 resistance level. A rally above the $1,850 area could lead to further gains in the coming days. If indicated, Ethereum could rise to the $1,880 resistance zone or $1,920 in the near term.
Another decline for ETH?
If Ethereum fails to clear the resistance at $1,740, a downward correction could begin. Initial support for the downside is near the $1,680 level. The first major support is near the $1,665 zone and trend line. The trend line is also near the 50% Fib retracement level rising from the $1,603 swing low to the $1,731 high.
A clear move below the $1,665 support could push the price towards the $1,650 support. Any more losses could lead the price towards the $1,620 region. The main assistance amount could be $1,600.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Key Support Level – $1,665
Key Resistance Level – $1,740