Ethereum Attempts a Breakout Above $1,720
Ethereum is currently making a fresh attempt to break above the $1,720 level. The price of ETH is trading above $1,700 and the 100-hourly Simple Moving Average, indicating positive momentum.
There is a connecting trend line forming with resistance near $1,750 on the hourly chart of ETH/USD. If the pair manages to clear this resistance zone, it could continue to rise.
Ethereum Price Shows Signs of Strength
Ethereum’s price has settled above the $1,650 level and has started to gain traction. Similar to Bitcoin, ETH has experienced a decent increase above the $1,700 level.
The price tested the $1,750 zone after breaking the $1,720 resistance level. Although there was a minor downside correction below $1,735, the price remains above key support levels.
Ethereum is currently trading above $1,700 and the 100-hourly Simple Moving Average. However, it may face resistance near the $1,750 level due to a connecting trend line on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
Potential Upside Targets for Ethereum Price
The next major resistance for Ethereum is at $1,800. If the price successfully breaks above this level, it could pave the way for a larger increase towards the $1,850 resistance. Subsequently, the key resistance level would be $1,920. Further gains might even push the price towards $2,000.
Support Levels for Ethereum Dips
In the event that Ethereum fails to clear the $1,750 resistance, it might experience a downside correction. The initial support on the downside is near $1,710, followed by a key support level at $1,680.
The 76.4% Fib retracement level of the recent rally from the $1,668 swing low to the $1,756 high also provides support around $1,685. If the price breaks below this level, it could test the $1,650 support. A further downside break might trigger another bearish wave towards the $1,600 level.
Technical Indicators
The MACD for ETH/USD is currently losing momentum in the bullish zone, while the RSI is above the 50 level.
Major Support Level – $1,700
Major Resistance Level – $1,750
Hot Take: Ethereum Poised for Further Upside Potential
Ethereum’s price is showing signs of strength as it attempts to break above key resistance levels. With strong support and positive technical indicators in play, there is potential for further upside movement. If Ethereum successfully clears the resistance at $1,750, it could pave the way for a larger increase towards $1,800 and beyond. However, if it fails to break through and experiences a downside correction, there are key support levels to watch out for at $1,710 and $1,680. Overall, Ethereum’s outlook appears promising as it seeks to capitalize on its recent gains.
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