- Ethereum price started a fresh increase above the $1,725 resistance against the US Dollar.
- ETH price is currently trading well above $1,700 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $1,705 on the 4-hours chart (data feed from Coinbase).
- The pair could dip in the short-term, but the bulls are likely to remain active near $1,725.
Ethereum price is now approaching the $1,850 resistance against the US Dollar. ETH/USD could trade in a range, but it could face a lot of hurdles near $1,850.
Ethereum Price Analysis
After forming a support base above $1,550, Ethereum started a fresh increase against the US Dollar. ETH broke many hurdles near $1,650 and $1,660 to move into a positive zone.
There was also a break above a major bearish trend line with resistance near $1,705 on the 4-hours chart. It opened the doors for a break above the main $1,725 resistance zone. The price is now trading well above $1,700 and the 55 simple moving average (4-hours).
It even made an attempt to clear the $1,840 and $1,850 resistance levels, but it failed. A high is formed near $1,842 and the price is currently correcting lower.
It is testing the 23.6% Fib retracement level of the upward move from the $1,662 swing low to $1,842 high. The first major support on the downside is near the $1,750 level.
The 50% Fib retracement level of the upward move from the $1,662 swing low to $1,842 high is also near the $1,750 level. The main support is now forming near the $1,725 level (the recent breakout zone). There is also a connecting bullish trend line with support near $1,705 on the same chart.
Conversely, the price might make another attempt to clear the 1,840 and $1,850 resistance levels. If the bulls succeed, the price is likely to accelerate higher above $1,850. The next major resistance sits at $2,000.
Looking at the chart, Ethereum price is clearly trading well above the $1,700 level and the 55 simple moving average (4-hours). Overall, ether price could dip in the short-term, but the bulls are likely to remain active near $1,725.
Technical indicators
4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 50 level.
Key Support Levels – $1,750, followed by the $1,725 zone.
Key Resistance Levels – $1,840 and $1,850.
