Ethereum price is showing positive signs above USD 1,770 against the US dollar. ETH could gain bullish momentum if it clears the $1,820 resistance zone.
- Ethereum is moving higher above the USD 1,750 and USD 1,770 resistance levels.
- The price is trading above $1,770 and the 100-hour Simple Moving Average.
- A major bullish trendline is forming with support near $1,735 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to climb above the USD 1,820 and USD 1,850 resistance levels.
Ethereum Price Up 4%
Ethereum price formed a support base above the USD 1,700 level. ETH started a decent rally after Bitcoin surged above the $27,000 resistance zone. It broke the $1,720 resistance to move into a positive zone.
There was a break above the $1,770 resistance zone. It even peaked above $1,800. A high is formed near $1,826 and the price is now consolidating gains. It is still above the 23.6% Fib retracement level from the recent rise from the $1,715 swing low to the $1,826 high.
Ether is now trading above USD 1,770 and the 100-hour Simple Moving Average. A major bullish trendline is also forming with support near USD 1,735 on the ETH/USD hourly chart.
Source: ETHUSD at TradingView.com
Immediate resistance is near the $1,820 level. The next major resistance is near the $1,850 level. A successful move above the $1,820 and $1,850 resistance levels could push the price further. The next resistance is near $1,920, above which Ethereum could rise towards the $2,000 level. More gains above the $2,000 resistance zone could push the price towards the $2,120 resistance.
Are dips limited in ETH?
If Ethereum fails to clear the $1,820 resistance, it could start a downside correction. The first support on the downside is near the $1,770 level.
The next major support is near the USD 1,740 level or the recent low. It is close to the 76.4% Fib retracement level of the recent rise from the $1,715 swing low to the $1,826 high. If there is a break and closes below the $1,740 support, the price could fall towards the $1,700 support. Even more losses might send the price towards the $1,650 zone.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is in the overbought zone.
Major Support Level – $1,740
Major resistance level – $1,820
