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Ethereum Rockets to $1,700 as Bulls Take Over Crypto Market
Ethereum gained pace above the $1,600 resistance against the US Dollar. ETH is showing positive signs and might even clear the $1,700 resistance.
Ethereum started a major increase and settled above the $1,600 level.
The price is now trading above $1,650 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $1,655 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear $1,700 to continue higher towards $1,735 in the near term.
Ethereum Price Gains Momentum
Ethereum formed a base and started a major increase above $1,600. ETH was able to clear the key $1,620 resistance zone and the 100 hourly simple moving average.
There was a clear move above the 76.4% Fib retracement level of the main decline from the $1,685 swing high to $1,490 low. Besides, there was a break above a key bearish trend line with resistance near $1,655 on the hourly chart of ETH/USD.
Ether price is now trading above $1,650 and the 100 hourly simple moving average. It is also testing the $1,700 resistance zone.
If the bulls remain in action, there could be more upsides above $1,700. An immediate resistance on the upside is near the $1,735 level. It is near the 1.236 Fib extension level of the main decline from the $1,685 swing high to $1,490 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,775 level. Any more gains may perhaps open the doors for a move towards the $1,800 resistance in the near term. If the bulls remain in action, the price could pump towards the $1,880 level.
Dips Supported in ETH?
If ethereum fails to rise above the $1,735 resistance, it could start a downside correction. An initial support on the downside is near the $1,660 zone.
The next major support is near $1,640. The main support is now forming near the $1,600 level and the 100 hourly simple moving average. A downside break below the $1,600 support might start a fresh decline. In the stated case, ether price might drop towards the $1,550 level.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,600
Major Resistance Level – $1,735
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