Ethereum price started a up-to-date rally and remained stable above $1,680. ETH is currently correcting gains and could continue to rise if it reaches $1,750.

• Ethereum has started a decent upward move above the resistance at $1,620.
• The price is holding above $1,680 and the 100-hour elementary moving average.
• A bullish trend line is forming on the hourly chart of ETH/USD (data intake via Kraken) with support at $1,665.
• The pair may continue to rise if it remains above the $1,650 zone.

Ethereum price is poised for more growth

Ethereum price managed to stay above the support at $1,600 and started a up-to-date rally, just like Bitcoin. The ETH price gained momentum, surpassing $1,620 and $1,640.

The price has gone up to $1,740. The high has formed at $1,731 and the price is currently consolidating gains above the 23.6% Fib retracement level resulting from the upward move from the low of $1,603 to the high of $1,731. Additionally, a bullish trend line is forming on the hourly chart of ETH/USD with support at $1,665.

Ethereum price is currently trading above $1,680 and the 100-hour elementary moving average. If the bulls keep the action above $1,665, the price may be tempted to move higher.

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 resistance at $1,780 could push the price towards the resistance at $1,850. An upward break above the $1,850 area could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone at $1,880 or even $1,920 in the near future.

Another drop on ETH?

If Ethereum fails to overcome the resistance at $1,740, it may begin a downward correction. Initial downside support is near the $1,680 level. The first major support is located near the $1,665 zone and trend line. The trendline is also near the 50% Fib retracement level, which is an upward movement from the low of $1,603 to the high of $1,731.

A clear move below the $1,665 support could push the price towards the $1,650 support. Any further losses could push the price towards the $1,620 region. The main support can be $1,600.

Technical indicators

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

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

Main support level – USD 1,665

Major resistance level – $1,740