Ethereum broke the USD 1,500 resistance and traded to a new all-time high of $ 1,697 against the US dollar. ETH price is correcting gains, but the declines are likely to be limited in the near term.
- Ethereum is up more than 10% and it traded to a new all-time high near $ 1,697.
- The price is now trading well above USD 1,600 and the 100 simple hourly moving average.
- A crucial bullish trendline is forming with support near USD 1,640 on the ETH / USD hourly chart (data feed via Kraken).
- The pair is likely to stay higher towards USD 1,720 as long as it stays above USD 1,640.
Ethereum price is trading near USD 1,700
After a clear breaking above USD 1,450 and USD 1,500, Ethereum started a surge. ETH gained more than 15% and surpassed the USD 1,600 resistance level. The price even climbed above USD 1,650 and traded close to the USD 1,700 level.
A new all-time high is forming near $ 1,697 and the price settled well above 100 simple hourly moving average. It is currently correcting lower and trading below USD 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 near the USD 1,640 level. A crucial bullish trendline is also forming with support near $ 1,640 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
Ether price is clearly following a nice uptrend above USD 1,600 and the 100 simple hourly moving average. On the upside, the bulls are facing hurdles near USD 1,700. A clear break above USD 1,700 could potentially push the price towards the USD 1,765 and USD 1,780 levels in the near term.
Dips supported in ETH?
If Ethereum didn’t clear the USD 1,700 resistance level, it could correct lower. An initial support is near the trendline and the USD 1,640 zone.
A downside break below the trendline support could push the price towards the USD 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. More losses are likely to push the price towards the USD 1,500 support zone in the coming sessions.
MACD per hour – The MACD for ETH / USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH / USD corrects lower to the 60 level.
Major Support Level – USD 1,640
Major Resistance Level – USD 1,700