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Ethereum price is showing positive signs above $1,770 against the US Dollar. If it clears the $1,820 resistance area, ETH could move higher.
- Ethereum is correcting higher above the $1,750 and $1,770 resistance levels.
- The price is trading well above the $1,770 and 100 hourly simple moving averages.
- There is a major bullish trend line forming with support near $1,735 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could move higher above the $1,820 and $1,850 resistance levels.
Ethereum Price Jumped 4%
Ethereum price formed a support base above the $1,700 level. ETH started a decent rise after bitcoin climbed above the $27,000 resistance area. It broke the $1,720 resistance to move into a positive zone.
There was a break above the $1,770 resistance area. It also bounced above $1,800. A high was formed near $1,826 and the price is now consolidating gains. It is still well above the 23.6% Fib retracement level of the recent rise from the $1,715 low to $1,826 high.
Ether is now trading above $1,770 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,735 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An 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 send the price higher. The next resistance is near the $1,920 level, above which Ethereum could continue to rise towards the $2,000 level. Any further gains above the $2,000 resistance area could send 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. On the downside, an initial support is near the $1,770 level.
The next major support is near the $1,740 level or its recent swing low. It is close to the 76.4% Fib retracement level of the recent rise from the $1,715 low to $1,826 high. If there is a break and a close below the $1,740 support, the price could decline towards the $1,700 support. Any further losses could probably send the price towards the $1,650 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 in the overbought zone.
Key Support Level – $1,740
Key Resistance Level – $1,820
