Ethereum price is recovering above $1,700 against the US Dollar. ETH could continue to move up if it clears the $1,780 resistance zone.
- Ethereum was able to climb above the $1,700 and $1,720 resistance levels.
- The price is trading above $1,700 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trend line with resistance near $1,720 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further above the $1,750 and $1,780 resistance levels.
Ethereum Price Attempts Recovery
Ethereum’s price was able to form a support base above the $1,620 level. ETH started a decent recovery wave above the $1,680 and $1,700 resistance levels, similar to Bitcoin.
Besides, there was a break above a major bearish trend line with resistance near $1,720 on the hourly chart of ETH/USD. The bulls even pushed the price above the $1,750 resistance and the 100-hourly Simple Moving Average. It tested the $1,770 level. A high is formed near $1,768 and the price is now correcting gains.
Fresh Decline in ETH?
If Ethereum fails to clear the $1,780 resistance, it could start another decline. Initial support on the downside is near the $1,710 level.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,675 Major Resistance Level – $1,780