Ethereum Price Rebound Gains Traction After Clearing Key Hurdles

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ethereum price started a fresh increase and remained stable above $1,680. ETH is now correcting gains and might continue higher if it clears $1,750.

• Ethereum started a decent upward move above the $1,620 resistance.
• The price is trading above $1,680 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $1,665 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it stays above the $1,650 zone.

Ethereum Price Aims for More Upside

Ethereum price managed to stay above the $1,600 support and started a fresh increase, like Bitcoin. ETH price gained pace for a move above $1,620 and $1,640.

The price even climbed toward $1,740. A high was formed at $1,731, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $1,603 swing low to the $1,731 high. Besides, there is a bullish trend line forming with support at $1,665 on the hourly chart of ETH/USD.

Ethereum price is now trading above $1,680 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,665, the price could attempt another increase.

Immediate resistance is seen near the $1,720 level. The first key resistance is near the $1,740 level. The next major resistance is near the $1,780 level. A clear move above the $1,780 resistance might send the price toward the $1,850 resistance. An upside break above the $1,850 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $1,880 resistance zone or even $1,920 in the near term.

Another Pullback In ETH?

If Ethereum fails to clear the $1,740 resistance, it could start a downside correction. Initial support on the downside is near the $1,680 level. The first major support sits near the $1,665 zone and the trend line. The trend line is also near the 50% Fib retracement level of the upward move from the $1,603 swing low to the $1,731 high.

A clear move below the $1,665 support might push the price toward the $1,650 support. Any more losses might send the price toward the $1,620 region. The main support could be $1,600.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $1,665

Major Resistance Level – $1,740