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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Ethereum Rallies Above $1,700, Why ETH Could Soon Test $1,800

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum started a strong increase above the $1,650 and $1,700 resistance levels against the US Dollar. ETH price is likely to continue higher towards $1,800 in the near term.

  • Ethereum started a fresh increase above the $1,650 and $1,700 resistance levels.
  • The price is now trading well above $1,700 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,660 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but the bulls are likely to remain active near $1,700 and $1,680.

Ethereum Price Gains Bullish Momentum

Ethereum formed a strong support base above $1,600 before it climbed above $1,650. ETH also formed a base above the $1,650 level before the bulls pushed the price above the $1,700 resistance level.

It gained over 5% and it traded to a new weekly high at $1,754. It is currently trading well above $1,700 and the 100 hourly simple moving average. An initial support on the downside is near the $1,700 level. The 50% Fib retracement level of the upward move from the $1,633 swing low to $1,754 high is also near $1,695.

Ethereum

Source: ETHUSD on TradingView.com

Moreover, there is a major bullish trend line forming with support near $1,660 on the hourly chart of ETH/USD. The trend line is close to the 76.4% Fib retracement level of the upward move from the $1,633 swing low to $1,754 high.

On the upside, the $1,750 level is a key resistance for more gains. A clear break above the recent high could open the doors for a move towards the $1,800 barrier. The next major resistance is near the $1,850 level.

Dips Supported in ETH?

If Ethereum fails to continue higher above the $1,740 and $1,750 resistance levels, it could start a downside correction. An initial support on the downside is near the $1,700 level.

The main support is now forming near the trend line and $1,650. If there is a downside break below the trend line support, there is a risk of more losses. In the stated case, ether price may possibly decline towards the $1,620 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing positive signs in the bullish zone.

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

Major Support Level – $1,650

Major Resistance Level – $1,750

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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.

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