Ethereum price failed to surpass $1,700. Currently, ETH is looking bullish and can likely break above the $1,800 level. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum is set on a new rally and has stabilized above $1,700.
- Currently, the price is above $1,700 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we see a new uptrend forming with support level at $1,725.
- In order to reach $1,800 in short-term, ETH must surpass $1,780 level.
Ethereum Price Action Analysis
ETH managed to remain above the $1,650 support and set on a new rally. With that, the price moved above $1,700 and the SMA100. Consequently, ETH broke through $1,750 and reached a monthly high of $1,788.
At the moment, ETH is having a slight correction and has lost the $1,750 support. Furthermore, ETH has moved below the 23.6% Fibonacci retracement level from the latest fall rise from $1,620 to $1,788. Currently, Ethereum price is over $1,700 and the 1-hour candles are above the SMA100. On the 1-hour chart, we see a new uptrend forming with support level at $1,725.
The first resistance level for the price is at $1,750 followed closely by $1,780. Breaking through $1,780can pave the way to reach $1,820. Further growth can bring ETH to $1,880 which is the last stop before regaining $2,000.
On the other hand, if Ethereum price fails to surpass $1,780, there could be further correction ahead. In which case, the $1,720 and $1,700 will be the first support levels. The $1,700 is near the 50% Fibonacci retracement level and losing it could be detrimental. Losing this level can bring ETH down to $1,650.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on an upward movement.
RSI: the relative strength index is currently 50.
Resistance levels: for the bullish run, the $1,780 and $1,820 are absolutely necessary to surpass.
Support levels: at this point, the $1,700 is the crucial support level for ETH.
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