Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum broke the $1,500 resistance and traded to a new all-time high at $1,697 against the US Dollar. ETH price is correcting gains, but dips are likely to be limited in the near term.
- Ethereum is up over 10% and it traded to a new all-time high near $1,697.
- The price is now trading well above $1,600 and the 100 hourly simple moving average.
- There is a crucial bullish trend line forming with support near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher towards $1,720 as long as it is above $1,640.
Ethereum Price Trades Close To $1,700
After a clear break above $1,450 and $1,500, Ethereum started a strong increase. ETH gained over 15% and it surpassed the $1,600 resistance level. The price even climbed above $1,650 and traded close to the $1,700 level.
A new all-time high is formed near $1,697 and the price settled well above the 100 hourly simple moving average. It is currently correcting lower and trading below $1,680. There was a test of the 23.6% Fib retracement level of the recent rally from the $1,513 swing low to $1,697 high.
On the downside, there is a decent support forming near the $1,640 level. There is also a crucial bullish trend line forming with support near $1,640 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
Ether price is clearly following a nice uptrend above $1,600 and the 100 hourly simple moving average. On the upside, the bulls are facing hurdles near $1,700. A clear break above $1,700 may possibly lift the price towards the $1,765 and $1,780 levels in the near term.
Dips Supported in ETH?
If Ethereum fails to clear the $1,700 resistance level, it could correct lower. An initial support is near the trend line and the $1,640 zone.
A downside break below the trend line support could push the price towards the $1,600 support zone. It is close to the 50% Fib retracement level of the recent rally from the $1,513 swing low to $1,697 high. Any more losses is likely to lead the price towards the $1,500 support zone in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is correcting lower towards the 60 level.
Major Support Level – $1,640
Major Resistance Level – $1,700
