Ethereum Price Rebound Gains Traction After Clearing Key Hurdles

Ethereum price started a fresh increase and remained stable above $1,680. ETH is now correcting gains and might continue higher if it clears $1,750.

• Ethereum started a decent upward move above the $1,620 resistance.
• The price is trading above $1,680 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $1,665 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it stays above the $1,650 zone.

Ethereum price managed to stay above the $1,600 support and started a fresh increase, like Bitcoin. ETH price gained pace for a move above $1,620 and $1,640.

The price even climbed toward $1,740. A high was formed at $1,731, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $1,603 swing low to the $1,731 high. Besides, there is a bullish trend line forming with support at $1,665 on the hourly chart of ETH/USD.

Ethereum price is now trading above $1,680 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,665, the price could attempt another increase.

Immediate resistance is seen near the $1,720 level. The first key resistance is near the $1,740 level. The next major resistance is near the $1,780 level. A clear move above the $1,780 resistance might send the price toward the $1,850 resistance. An upside break above the $1,850 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $1,880 resistance zone or even $1,920 in the near term.

If Ethereum fails to clear the $1,740 resistance, it could start a downside correction. Initial support on the downside is near the $1,680 level. The first major support sits near the $1,665 zone and the trend line. The trend line is also near the 50% Fib retracement level of the upward move from the $1,603 swing low to the $1,731 high.

A clear move below the $1,665 support might push the price toward the $1,650 support. Any more losses might send the price toward the $1,620 region. The main support could be $1,600.

Technical Indicators

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

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

Major Support Level – $1,665

Major Resistance Level – $1,740