Ethereum Price Prints Bullish Technical Pattern, Why Close Above $1,780 Is Important

Ethereum price is gaining momentum above $1,700 against the US Dollar. If it clears the $1,780 resistance area, ETH could continue to move higher.

• Ethereum was able to climb above the $1,700 and $1,720 resistance levels.
• The price is trading well above the $1,700 level and the 100 hourly simple moving average.
• There was a break above a key bearish trend line with resistance near $1,720 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could move higher above the $1,750 and $1,780 resistance levels.

Ethereum Attempts Price Recovery

Ethereum price was able to form a support base above the $1,620 level. ETH started a decent recovery wave above the $1,680 and $1,700 resistance levels, similar to bitcoin.

Besides, there was a break above a key bearish trend line with resistance near $1,720 on the hourly chart of ETH/USD. The bulls also pushed the price above the $1,750 resistance and the 100 hourly simple moving average. It tested the $1,770 level. A high was formed near $1,768 and the price is now correcting.

There was a move below the $1,750 level. Ether declined below the 23.6% Fib retracement level of the upward move from the $1,620 swing low to $1,768 high.

It is now trading above the $1,700 level and the 100 hourly simple moving average. An immediate resistance is near the $1,740 level. The next major resistance is near the $1,770 level.

Source: ETHUSD on TradingView.com

The main resistance is near the $1,780 level. A reasonable move above the $1,770 and $1,780 resistance levels could start a steady recovery wave. The next resistance is near the $1,820 level, above which Ethereum could rise higher towards the $1,850 level. Any further gains above the $1,850 resistance area could send the price towards the $1,920 resistance.

Fresh decline in ETH?

If Ethereum fails to overcome the $1,780 resistance, it could start another decline. On the downside, an initial support is near the $1,710 level.

The next major support is near the $1,675 level or 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 a close below the $1,675 support, the price could dive towards the $1,620 support. Any further losses could probably send the price towards the $1,550 area.

technical indicators

hourly macd , The MACD for ETH/USD is losing momentum in the bullish zone.

hourly rsi , The RSI for ETH/USD is now well below the 50 level.

Key Support Level – $1,675

Major Resistance Level – $1,780