TA: Ethereum Gear Towards Another Liftoff To $2,000: The Rally Isn’t Over Yet

Ethereum has picked up pace above the $1,700 resistance against the US dollar. ETH is showing positive signs and may even clear the $1,800 resistance.

• Ethereum started a significant rally and settled above the $1,700 level.
• The price is currently trading above $1,700 and the 100 hour simple moving average.
• On the ETH/USD hourly chart (data feed via Kraken), a major bullish trend line has formed with support near $1,725.
• The pair needs to clear $1,780 to continue the move towards $1,880 in the near future.

Ethereum Price Uptrend Unscathed

Ethereum has started a new rally, holding the bids above $1,650. ETH managed to clear the critical $1,700 resistance zone and the 100 hour simple moving average.

It has clearly broken above the $1,750 resistance zone. The pair is now correcting its gains after hitting multi-week highs near $1,788. It fell slightly below $1,750 levels. Ether price has broken below the 23.6% Fib retracement level of the recent move from swing lows of $1,620 to highs of $1,788.

The price is currently trading above $1,700 and the 100 hour simple moving average. Also, the ETH/USD hourly chart has formed a major bullish trendline supporting near $1,725.

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near $1,750. The next big resistance is near $1,780. A clear break above $1,780 could push the price closer to $1,820. Any further rally could open the door for a move towards the $1,880 resistance in the short term. If the bull market continues, the price could rise towards the $2,000 levels.

Are dips supported on ETH?

If Ethereum fails to break out of the $1,780 resistance, a downward correction could start. The first support on the downside is near $1,720.

The next major support is close to $1,700. This is close to the 50% Fib retracement level of the recent swing low of $1,620 to the high of $1,788. A break below the $1,700 support could result in further losses. In the aforementioned case, the Ether price could fall towards the $1,650 level.

technical indicators

Hourly MACD – The ETH/USD MACD is currently losing momentum in the bullish zone.

Hourly RSI – The ETH/USD RSI is currently below the 50 level.

Major Support Level – $1,700

Major Resistance Level – $1,780