Ethereum corrected lower below $1,750 against the US Dollar. ETH remained well bid above $1,680 and is eyeing a fresh surge above $1,750.
Ethereum is trading in a bullish zone above the $1,680 and $1,700 levels.
The price is now trading near $1,720 and the 100 hourly simple moving average.
There is a key bullish flag pattern forming with resistance near $1,730 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear $1,750 to continue higher towards $1,850 in the near term.
Ethereum Price Aims Higher
Ethereum gained pace above the $1,700 and $1,720 levels. ETH even cleared the $1,750 level, but there was no test of the $1,800 resistance zone. A high was formed near $1,788 before the price started a downside correction.
There was a move below the $1,750 level and the 100 hourly simple moving average. The price dipped below the 23.6% Fib retracement level of the upward move from the $1,490 swing low to $1,788 high. Ether price even dipped below the $1,700 level.
However, the bulls were active near the $1,680 level. The price is now rising and trading above $1,700. It is trading near $1,720 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near the $1,730 level. There is also a key bullish flag pattern forming with resistance near $1,730 on the hourly chart of ETH/USD. The next major resistance is near the $1,750 level. A clear break above $1,750 might send the price towards the $1,780 level.
Source: ETHUSD on TradingView.com
Any more gains may perhaps open the doors for a move towards the $1,850 resistance in the near term. If the bulls remain in action, the price could pump towards the $1,880 level.
Dips Limited in ETH?
If ethereum fails to rise above the $1,750 resistance, it could start a downside correction. An initial support on the downside is near the $1,680 zone.
The next major support is near $1,650. It is near the 50% Fib retracement level of the upward move from the $1,490 swing low to $1,788 high. A downside break below the $1,650 support might spark more losses. In the stated case, ether price might drop towards the $1,600 level.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,680
Major Resistance Level – $1,750