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- Ethereum price is eyeing an upside break above the $1,760 resistance against the US Dollar.
- ETH price is now trading above $1,720 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $1,725 on the 4-hour chart (data feed from Coinbase).
- The pair could climb further if it stays above the $1,685 support zone.
Ethereum price is rising above the $1,720 level against the US Dollar. ETH/USD could rise further if it clears the $1,760 resistance zone.
Ethereum Price Analysis
In the past few days, Ethereum saw a bearish wave from the $1,900 zone against the US Dollar. ETH price declined below the $1,800 level and the 55 simple moving average (4 hours).
The bears even pushed the price below the $1,700 level. A low was formed near $1,620 and the price is now attempting a fresh increase. There was a move above the $1,680 resistance level. The price broke the 23.6% Fib retracement level of the downward move from the $1,898 swing high to the $1,620 low.
There was also a break above a key bearish trend line with resistance near $1,725 on the 4-hours chart. It is now trading above $1,720 and the 55 simple moving average (4 hours).
Immediate resistance on the upside is near the $1,760 level. It is close to the 50% Fib retracement level of the downward move from the $1,898 swing high to the $1,620 low. The next major resistance is near the $1,800 zone. A clear move above the $1,800 level could send the price toward $1,850.
Any more gains could even send the price toward the $1,900 resistance zone or $1,920 in the near term. On the downside, initial support is near the $1,700 level. The next major support is now near the $1,680 level.
A break below the $1,680 support could push the price to $1,620. Any more losses could lead the price toward $1,550 or even $1,500 in the coming days.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading above the $1,720 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb further if it stays above the $1,760 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $1,680, followed by the $1,620 zone.
Key Resistance$ Levels – $1,760 and $1,800.
