Ethereum price finds bids above the $1,720 zone against the US dollar. ETH could start a decent recovery if there is a move above the $1,770 resistance.
- Ethereum is struggling below the $1,770 and $1,780 resistance levels.
- The price is trading below $1,770 and the 100-hour Simple Moving Average.
- There was a break above a short-term contracting triangle with resistance near $1,740 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could recover if there is a move above the USD 1,770 and USD 1,780 levels.
Ethereum price holds support
Ethereum price held up well above the $1,720 support zone. ETH seems to be forming a base above the USD 1,720 level, similar to Bitcoin. A low is formed near $1,718 and the price slowly moves up.
There was a move above the $1,740 level. In addition, there was a break above a short-term contracting triangle with resistance near $1,740 on the ETH/USD hourly chart. The pair is now struggling to settle above the 23.6% Fib retracement level of the main drop from the $1,855 swing high to the $1,718 low.
Ether is still trading below $1,770 and the 100-hour Simple Moving Average. Immediate resistance is near the $1,760 zone and the 100-hour Simple Moving Average. The next major resistance is near the $1,770 level. The first major resistance is near $1,780 or the 50% Fib retracement level of the main drop from the $1,855 swing high to the $1,718 low.
Source: ETHUSD at TradingView.com
A good move above the $1,770 and $1,780 resistance levels could send Ether to $1,850. The next resistance is near $1,880, above which Ethereum could rise towards the $1,920 level. More gains above the $1,920 resistance zone could push the price towards the $2,040 resistance.
New Decline in ETH?
If Ethereum fails to clear the $1,780 resistance, it could start a fresh decline. The first support on the downside is near the $1,730 level and the triangle trendline.
The next major support is near the $1,720 level. If there is a break and moves below the $1,720 support, the price could start a major decline towards the $1,640 support. Even more losses might send the price towards the $1,600 zone.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,720
Major resistance level – $1,780
