Ethereum gained momentum above USD 1,650 after bitcoin’s surge against the US dollar. ETH price is still struggling near USD 1,760, but is likely to break higher.
- Ethereum rallied above USD 1,650 and it traded to a new all-time high near USD 1,777.
- The price is now trading well above USD 1,650 and the 100 simple hourly moving average.
- A major upward channel is forming with support near USD 1,710 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could drop as low as USD 1,650 in support, but it is likely to move closer to USD 1,800.
Ethereum price looks upside down
After clearing the USD 1,650 resistance, Ethereum started a fresh rise. ETH even cleared the USD 1,700 resistance, but it struggled to rise as much as bitcoin.
During the rise, there was a break above a major bearish trendline with resistance near $ 1,660 on the ETH / USD hourly chart. The pair gained speed above USD 1,710 and it even spiked above the USD 1,750 resistance zone.
Ether traded to a new all-time high of nearly $ 1,777 and is currently consolidating gains. It is trading well above USD 1,650 and the 100 simple hourly moving average. An immediate support is near the 23.6% Fib retracement level of the recent rally from the swing low of $ 1,488 to the high of $ 1,777.
Source: ETHUSD on TradingView.com
There is also a significant bullish 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 decline towards the USD 1,650 support zone.
On the upside, the price is clearly facing a major resistance near the USD 1,760 and USD 1,770 levels. A good break above $ 1,770 could cause a rally. The next key resistance is near the USD 1,880 level.
Dips supported in ETH?
If Ethereum didn’t erase the USD 1,760 and USD 1,770 resistance levels, it could correct lower. On the downside, the first major support is near the USD 1,660 level.
The next big support is near the USD 1,635 level and 100 easy hourly 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.
MACD per hour – The MACD for ETH / USD is slowly losing momentum in the bullish zone.
RSI per hour – The RSI for ETH / USD is still well above the 50 level.
Major Support Level – USD 1,650
Major Resistance Level – $ 1,770