Ethereum price is showing positive signs above $1,700 against the US Dollar. ETH could gain bullish momentum if it clears the $1,750 resistance zone.

Ethereum’s price started a steady recovery wave above the $1,650 level. ETH was able to settle above the $1,700 resistance zone, similar to Bitcoin.

Recently, the price saw a minor downside correction from the $1,768 high. The price traded below the $1,720 level but the bulls were active near $1,700. A low is formed near $1,698 and the price is again attempting a fresh increase.

There was a break above the $1,720 resistance. The price climbed above the 50% Fib retracement level of the downward move from the $1,768 swing high to the $1,698 low.

Ether is now trading above $1,720 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,718 on the hourly chart of ETH/USD. Immediate resistance is near the $1,750 level. The next major resistance is near the $1,765 level.

Source: ETHUSD on TradingView.com

A successful move above the $1,750 and $1,765 resistance levels might start a steady recovery wave. The next resistance sits near $1,800, above which Ethereum could rise toward the $1,850 level. Any more gains above the $1,850 resistance zone might send the price toward the $1,920 resistance.

If Ethereum fails to clear the $1,750 resistance, it could start another decline. Initial support on the downside is near the $1,720 level and the trend line.

The next major support is near the $1,700 level or the recent low. If there is a break and close below the $1,700 support, the price could drop toward the $1,675 support. Any more losses may perhaps send the price toward the $1,620 zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,700

Major Resistance Level – $1,765

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