Ethereum traded to a new all-time high near USD 1,750 before correcting lower against the US dollar. ETH price is likely to find a strong support near USD 1,500.
- ETH price traded to a new all-time high at USD 1,750 before correcting lower against the US dollar.
- The price is trading below USD 1,650, but it is well above the simple 100 (4-hour) moving average.
- There was a break below a large contracting triangle with support near USD 1,660 on ETH / USD’s 4-hour chart (data feed via Kraken).
- The pair could visit the USD 1,500 support level where the bulls are likely to remain active.
Ethereum’s Ether Corrective Gains
Last week bitcoin and ethereum saw steady gains above USD 1,500 and USD 36,000 against the US dollar, respectively. ETH traded to a new all-time high near USD 1,750 before facing strong selling interest.
The price started a downside correction and traded below the USD 1,700 level. The price traded below the 23.6% Fib retracement level of the upward movement from the $ 1,275 swing low to $ 1,750 high. There was also a break below a large contractile triangle with support near USD 1,660 on the ETH / USD 4 hour chart.
Source: ETHUSD on TradingView.com
The price is trading below USD 1,650, but it is well above the simple 100 (4-hour) moving average. The next big support is near the USD 1,500 level. The 50% Fib retracement level of the upward move from the $ 1,275 swing low to the $ 1,750 high is also near the $ 1,512 level.
Even more losses could open the doors for a steady decline towards the USD 1,440 support level. The simple 100 (4-hour) moving average is also near USD 1,440 to serve as a strong support.
New increase in ether (ETH)?
If Ethereum remains stable above USD 1,500, it could start a fresh rise. An initial resistance on the upside is near the USD 1,700 level (the recent breakdown zone).
The next big resistance is near the USD 1,750 level. A clear break above the USD 1,700 and USD 1,750 resistance levels could open the doors for a surge. In the case mentioned, the price could rise above USD 1,800 and USD 1,850 in the near term.
4 Hour MACD – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
4 Hour RSI – The RSI for ETH / USD is just above the 50 level.
Major Support Level – USD 1,500
Major Resistance Level – USD 1,700