.Ethereum Price Analysis At The Start Of New Week
Ethereum recovered above $ 1,700 and even tested $ 1,730. ETH price is showing positive signs, but it needs to break above $ 1,720 for a steady upward move.
Ethereum recovered above $ 1,700 and even tested $ 1,730. ETH price is showing positive signs, but it needs to break above $ 1,720 for a continuous upward move.
Ethereum gained interest after a close above the $ 1,600 level.
The price is currently above the $ 1,650 resistance and the 100 hourly simple moving average.
There is an important bullish trend line formed with support near $ 1,675 on the hourly chart of ETH / USD.
If there is a clear break above $ 1,710 and $ 1,730, the pair could start a strong rally.
Ethereum Price Turns Green
Ethereum found support near the $ 1,550 zone and started a steady increase similar to Bitcoin. ETH removed a few key hurdles around $ 1,600 and $ 1,620 to move into a positive zone.
The main hurdle overcome was around $ 1,650 and the 100 hourly simple moving average. The price even climbed above the $ 1,700 level. A high was formed near the $ 1,733 level before a downside correction was made.
There was a break below the $ 1,700 level, but the price remained stable near the $ 1,660 level. There was a low around $ 1,662 and the price is rising. It is currently above the $ 1,650 resistance and the 100 hourly simple moving average.
There is also an important bullish trend line formed with support near $ 1,675 on the hourly chart of ETH / USD. An immediate resistance is near the $ 1,700 level. It is near the 50% Fib retracement level of the downward move from the $ 1,733 high to $ 1,662.
The first key resistance is near a downtrend line of $ 1,710 on the same chart. The trendline is near the 61.8% Fib retracement level of the downward move from the $ 1,733 high to $ 1,662.
A clear break above the $ 1,710 and $ 1,710 levels could set the pace for a strong gain. In the case mentioned, the price is likely to visit the $ 1,750 and $ 1,780 levels.
New Drop in ETH?
If Ethereum fails to break above the $ 1,700 and $ 1,710 resistance levels, it could start a new decline. The first downside support is near the $ 1,685 level and the 100 hourly SMA.
The first major support is near the $ 1,675 level and the trend line. Major support is located near the $ 1,650 level. A clear bearish break below the $ 1,650 support could push the price up to the $ 1,550 level.
Technical Indicators
Hourly MACD – The MACD for ETH / USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH / USD is currently above the 50 level.
Major Support Level – $ 1,650.
Major Resistance Level: $ 1,720.
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