Ethereum (ETH) Price Analysis: Holding Significant $ 1,700 Level, What Are The Critical Levels?
Ethereum traded at its all-time high of $ 1,840 before correcting against the US Dollar. ETH price holds the $ 1,700 level and is likely to start a new surge. According to the technical analysis of NewsBTC’s Aayush Jindal:
- Ethereum started a downside correction after rising to an all-time high near $ 1,840.
- The price is now trading well above $ 1,700 and the 100 hourly simple moving average.
- There is a critical contracting triangle formation with resistance near $ 1,760 on the hourly chart of ETH / USD ( based on Kraken data).
- As long as the pair is above the $ 1,700 support zone, it will begin a new increase.
Ethereum (ETH) Price Holds $ 1,700
There were slow and steady movements in Ethereum above the $ 1,750 pivot level ( unlike Bitcoin ). ETH even rose to an all-time high of $ 1,840 before a correction took place.
The price traded below the $ 1,780 and $ 1,760 support levels. Ethereum price even fell below the $ 1,700 level but that was limited. It is now trading well above the $ 1,700 and the 100 hourly simple moving average.
There was a recovery above the $ 1,730 level. The price cleared the 23.6% Fib retracement level of the last drop from $ 1,840 to $ 1,681. On the upside, the first critical resistance is near the $ 1,760 level. There is a significant contracting triangle formation with resistance near $ 1,760 on the hourly chart of ETH / USD.
Formation resistance is near the 50% Fib retracement level of the last drop from $ 1,840 to $ 1,681. A proper break above $ 1,760 could trigger a steady increase above $ 1,800. The next major resistance is near the $ 1,825 level. A close above the $ 1,825 level could push the price to $ 1,900 and $ 1,920 in the short term.
Will Ethereum (ETH) Fall?
If Ethereum fails to clear the $ 1,760 and $ 1,800 resistance levels, it can make further corrections. The first major support on the downside is near the $ 1,715 level and the triangle bottom trend line.
The main support is near the $ 1,700 zone and the 100 hourly simple moving average. A close below the 100 hourly SMA could possibly start a major downside correction towards $ 1,600 or even $ 1,550.
Technical Indicators
- Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
- Hourly RSI – The RSI for ETH / USD is currently near the 50 level.
- Major Support Level: $ 1,700
- Major Resistance Level: $ 1,760
