Key Takeaways:
- Ether’s price started a strong increase above the $1,700 resistance.
- ETH/USD follows a declining channel with resistance near $1,800 on the 4-hours chart.
- The price could stage another surge if it can stay above the $1,700 support.
Ethereum’s ETH is climbing higher above $1,700. The price could rally further if there is a close above $1,780 and then $1,800.
Ethereum Price (ETH) Eyes Another Surge
This past week, Ethereum and Bitcoin steadily increased against the US dollar. The ETH/USD pair formed a base above the $1,600 level and slowly increased.
There was a move above the $1,650 and $1,700 resistance levels. Next, the bulls were able to pump the price above the $1,800 resistance, with a close above the 50 simple moving average (4 hours, blue). However, the bears were active near the $1,840 zone.
The bulls made nearly three attempts to clear the $1,840 resistance but failed. A high was around $1,839 before the price started a downside correction.
There was a drop below the $1,750 support zone. Ether price spiked below the 50% Fib retracement level of the upward move from the $1,614 swing low to the $1,839 high. The bulls are now protecting the $1,700 support zone.
Ethereum price is trading above the $1,750 level and the 50 simple moving average (4 hours, blue). Immediate resistance is near the $1,780 level. The first major resistance is near the $1,800 zone.
There is also a key declining channel with resistance near $1,800 on the 4-hours chart. A clear move above the $1,800 resistance might increase the price. The main breakout resistance is near the $1,840 zone.
A successful close above the $1,840 zone and a follow-up move above the $1,880 resistance could set the pace for another steady increase.
The next major resistance is near the $1,980 level. Any more gains might open the doors for a move toward the $2,050 resistance or even $2,200.
Downside Break?
Conversely, the Ethereum price might fail to clear the $1,800 resistance zone. In the stated case, it could correct lower. Immediate support on the downside sits near the $1,720 level. The next major support is near the $1,700 level or the 61.8% Fib retracement level of the upward move from the $1,614 swing low to the $1,839 high.
If Ether moves below $1,700, there is a risk of an extended decline. In this scenario, the price may perhaps test the $1,620 support. Any more losses below $1,620 could send the price toward the $1,475 zone.
Overall, Ether’s price is still above the $1,700 support zone and the 50 simple moving average (4 hours, blue). If ETH climbs above $1,800, it could start another increase. Conversely, the price might correct lower and test $1,620.
The post Ethereum Price Is About to See “Liftoff” if It’s Able to Hold One Crucial Level appeared first on CoinChapter.
