Ethereum doesn’t have the momentum to surge above $1700 despite showing some positive signs for the upside. The coin has to settle above $1720 for a sustained upward move while the price is above the $1650 resistance as we can see more in today’s ETH news.
The price is above the $1650 resistance and the 100 hourly simple moving average with the key bullish trend line forming close to the support near $1675 on the hourly charts of the pair that will start a strong rally if it manages to clear the break above $1730. Ethereum found support near the $1550 zone and started a new increase that is similar to BTC. ETH charted more hurdles later near $1600 and the $1620 zone to move into a positive zone.
The main hurdle cleared was close to the $1650 and the 100 hourly simple moving average with the price climbing higher towards $1733 before another downside correction. There was a new break below the $1700 level but the price remained stable near the $1660 level as it formed a new low to $1662 with the price rising. It is now above the $1650 resistance and the 100 hourly simple moving average and a key bullish trend line that is forming near the same level on the hourly charts of the pair.
The immediate resistance is close to the $1700 level and the 50% fib retracement level from the move of $1733 high to $1662 low. The first key resistance was near the connecting bearish trend line at $1710 on the same chart with it closing to the 61.8% fib retracement level of the downward move from $1733 high to $1662 low. Breaking above these levels could set the pace for another increase and in this case, the price could visit the $1780 levels. If ETH fails to climb higher, it could crash even further.
Right now, Ethereum doesn’t have the needed momentum to shoot higher with the first support being near the $1675 level and the trend line. The main support is close to the $1650 level while the MACD for the pair is gaining momentum in the bullish zone.
As recently reported, ETH found support near the $1550 zone and started an upside correction unlike BTC with a new low forming near the $1545 level before the price climbed back above $1600.
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