Ethereum price is attempting to break the $1,740 level against the US Dollar. ETH is likely to rise steadily if it breaks the $1,780 resistance.

  • Ethereum remains below the $1,780 and $1,800 resistance levels.

  • The price is trading below $1,780 and the 100 hourly simple moving average.

  • There was a break above a major bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD (data source from Kraken).

  • The pair is likely to rebound if it breaks above the $1,780 and $1,800 levels.

Ethereum price forms a support base

Ethereum price settled below the $1,775 and $1,780 resistance levels. ETH tested the $1,720 area and it is currently forming a support base similar to Bitcoin.

A low was formed near $1,718 and the price is attempting a rebound. The price is slowly moving higher above $1,740. There was a break above a major bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD.

Ether is now testing the 23.6% Fib retracement level of the major decline from the $1,854 swing high to $1,718 low. However, it is still trading below $1,780 and the 100 hourly simple moving average.

An immediate resistance is near the $1,770 area and the 100 hourly simple moving average. The next major resistance is near the $1,785 level. It is close to the 50% Fib retracement level of the main decline from the $1,854 swing high to $1,718 low.

A proper break above the $1,770 and $1,785 resistance levels could push Ether towards $1,820. The next resistance is near the $1,850 level, above which Ethereum could rise to the $1,880 level. Any gains above the $1,880 resistance could push the price towards the $1,920 resistance level.

ETH drops again?

If Ethereum fails to clear the $1,770 resistance, it could start another decline. An initial support on the downside is near the $1,730 level.

The next major support is near the $1,720 level. If there is a break and close below the $1,720 support, the price could gain bearish momentum towards the $1,640 support level. Any more losses could push the price towards the $1,600 area.

Technical indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

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

Major Support Level – $1,720

Major Resistance Level – $1,780