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Ethereum Rockets Towards $1,800 as Bulls Take Over Crypto Market

Ethereum started a strong increase above the $1,700 level against the US Dollar. ETH is showing positive signs and might rise again towards $1,800.

Ethereum started a major increase above the $1,650 and $1,700 levels.
The price is now trading above $1,700 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if there is a clear move above the $1,750 level.

Ethereum Price Rallies Above $1,700
Ethereum formed a base above the $1,600 level and started a major increase. ETH was able to clear a few key hurdles near the $1,650 and $1,675 levels.
The price jumped over 10% and even surpassed the $1,740 level. The bulls pumped the price towards the $1,800 level. A new multi-week high was formed near $1,784 and the price is now correcting gains. There was a minor decline below the $1,750 level.
Ether price dropped below the 23.6% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. However, it is still well above $1,700 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,740 level. The first major resistance is near the $1,750 zone.

Source: ETHUSD on TradingView.com
The main resistance is now forming near the $1,780 zone. A clear move above the $1,780 level could push the price further higher. In the stated case, the price may perhaps rise towards the $1,880 resistance zone.
Dips Supported 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 $1,700 zone.
A clear move below the $1,700 support might spark a move towards the $1,670 level. It is near the 50% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. Any more losses might even push the price to the $1,620 support or even the 100 hourly simple moving average in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $1,700
Major Resistance Level – $1,750

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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