Ethereum gained momentum after Bitcoin’s surge against the US dollar above $ 1,650. ETH price is still struggling near $ 1,760 but is likely to break higher.
- Ethereum rebounded above $ 1,650 to hit a new all-time high near $ 1,777.
- The price is now trading well above $ 1,650 and the 100-hour simple moving average.
- An important ascending channel is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 1,710.
- The pair could fall towards the $ 1,650 support but is likely to continue rising towards the $ 1,800 level.
The price of the Ethereum is upside down
After the USD 1,650 resistance was removed, Ethereum started a new surge. ETH even broke the USD 1,700 resistance but struggled to rise as much as Bitcoin.
During the rise, there was a break above a major bearish trendline with resistance near USD 1,660 on the hourly ETH / USD chart. The pair gained pace above $ 1,710 and even above the $ 1,750 resistance zone.
Ether was trading at a new all-time high near $ 1,777 and is currently consolidating gains. It’s trading well above $ 1,650 and the 100-hour simple moving average. Immediate support is near the 23.6% Fib retracement level of the recent rally from a low of $ 1,488 to a high of $ 1,777.
Source: ETHUSD on TradingView.com
There is also a major upstream channel forming with support near USD 1,710 on the same chart. If there is a downside break below the channel support, the price could fall towards the USD 1,650 support area.
On the upside, the price is clearly facing major resistance near the $ 1,760 and $ 1,770 levels. A proper break above $ 1,770 could trigger a rally. The next major resistance is near the $ 1,880 level.
Dips supported at ETH?
If Ethereum fails to hit the $ 1,760 and $ 1,770 resistance levels, it could correct lower. On the downside, the first big support is near the USD 1,660 level.
The next big support is near the $ 1,635 level and the 100-hour simple moving average. The 50% fib retracement level of the recent rally from a low of $ 1,488 to a high of $ 1,777 is also close to the $ 1,635 level to provide near-term support.
Technical indicators
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.
Main support tier – $ 1,650
Main Resistance Level – $ 1,770
