Ethereums Uptrend Support Holds, Potential for $1,800 Rally

Ethereum Price Eyes Fresh Increase

Ethereum’s price started a decent increase above the $1,700 level. ETH climbed toward the $1,750 zone before the bears appeared, like Bitcoin. A high was formed near $1,747 and the price recently started a downside correction. There was a move below the $1,720 level. It even traded close to the 50% Fib retracement level of the key increase from the $1,640 swing low to the $1,747 high.

Bullish Signs

The bulls are active above the $1,680 level.
Ether is now trading above $1,690 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $1,705 on the hourly chart of ETH/USD.

Potential Resistance

On the upside, the price might face resistance near the $1,700 level and the trend line. The next resistance is near the $1,710 level. A close above the $1,710 level might send the price toward the $1,750 zone. If there is a clear move above $1,750, Ethereum could rise toward the $1,800 resistance. Any more gains might send the price toward the $1,850 resistance.

Possible Downside

If Ethereum fails to clear the $1,710 resistance, it could continue to move down. Initial support on the downside is near the $1,690 level. The first key support is close to $1,680 or the 61.8% Fib retracement level of the key increase from the $1,640 swing low to the $1,747 high. The next major support is near the $1,665 level. If there is a downside break below $1,665, the price could extend its decline toward the $1,620 level. Any more losses might send the price toward the $1,540 level in the near term.

Technical Indicators

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.

Hot Take: Ethereum’s price is currently facing resistance near the $1,700 level. If it breaks above this level, it could potentially rise towards the $1,750 and $1,800 resistance levels. On the downside, if it fails to clear the $1,710 resistance, it may continue to decline towards the $1,680 and $1,665 support levels.