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Ethereum’s strong uptrend remains set at $1700 after ETH traded to a new all-time high of $1840 before correcting lower against the US dollar and the price is now holding the $1700 level with it likely starting a fresh new increase so let’s read more in today’s ETH news.
Ethereum started a downside correction as it traded to a new all-time high of $1840 and the price is now trading above $1700 with the 100 hourly tradings moving average. There’s a key contracting triangle that is forming with the resistance at $1760 on the hourly chart of the pair which is likely to start a fresh increase as long as it maintains to remain at $1700 support. There were some slow and steady moves in the ETH price above $1750 and it even traded to a new all-time high of $1840 before the new downside correction while Ethereum’s strong uptrend remains.
The price traded below the $1780 level and the $1760 support level with the price spiking below the $1700 but the downsides were quite limited. It is now trading above $1700 and the 100 hourly simple moving average. There was a recovery above $1730 level with the price clearing the 23.6% fib retracement level from the decline at $1840 high to $1681 low. On the upside, the first key resistance was close to $1760 and there was also a contracting triangle forming with the resistance close to $1760 on the hourly charts of the pair.
The triangle resistance is close to the 50% fib retracement level at the decline from $1840 high to $1681 low. The break above $1760 could start a steady increase above the $1800 level with the next major resistance nearing the $1825 level with a new close at $1825 level being able to pump the price to $1900 and $1920. If ETH fails to clear the $1760 and the $1800 resistance levels, it could correct lower with the first major support on the downside being set at the $1715 level with the triangle lower trend line.
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The main support is close to the $1700 zone and the 100 hourly simple moving average and a new close below the 100 hourly SMA could start a major downside correction to $1600 or $1550. The hourly MACD for the pair is gaining momentum in the bullish zone with the hourly RSI for the pair getting close to the 50 level.
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