Ethereum gained momentum above $1,650 after bitcoin’s surge against the US Dollar. ETH price is still struggling near $1,760, but it is likely to break higher.
- Ethereum rallied above $1,650 and it traded to a new all-time high near $1,777.
- The price is now trading well above $1,650 and the 100 hourly simple moving average.
- There is a key ascending channel forming with support near $1,710 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could dip towards the $1,650 support, but it is likely to continue higher towards $1,800.
Ethereum Price Is Eyeing Upside Break
After clearing the $1,650 resistance, Ethereum started a fresh increase. ETH even cleared the $1,700 resistance, but it struggled to rise as much as bitcoin.
During the increase, there was a break above a major bearish trend line with resistance near $1,660 on the hourly chart of ETH/USD. The pair gained pace above $1,710 and it even spiked above the $1,750 resistance zone.
Ether traded to a new all-time high near $1,777 and it is currently consolidating gains. It is trading well above $1,650 and the 100 hourly simple moving average. An immediate support is near the 23.6% Fib retracement level of the recent rally from the $1,488 swing low to $1,777 high.
Source: ETHUSD on TradingView.com
There is also a key ascending channel forming with support near $1,710 on the same chart. If there is a downside break below the channel support, the price could decline towards the $1,650 support zone.
On the upside, the price is clearly facing a major resistance near the $1,760 and $1,770 levels. A proper break above $1,770 might spark a rally. The next key resistance is near the $1,880 level.
Dips Supported in ETH?
If Ethereum fails to clear the $1,760 and $1,770 resistance levels, it could correct lower. On the downside, the first major support is near the $1,660 level.
The next major support is near the $1,635 level and 100 hourly simple moving average. The 50% Fib retracement level of the recent rally from the $1,488 swing low to $1,777 high is also near the $1,635 level to provide support in the near term.
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still well above the 50 level.
Major Support Level – $1,650
Major Resistance Level – $1,770
Image Credit: Refer to Source
Author: Refer to Source Aayush Jindal