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Ethereum Price Breaks Out With 15% Rally — $1,800 Resistance Under Pressure

Source Newsbtc

Ethereum price started a fresh surge above the $1,650 resistance. ETH is now showing positive signs and might attempt to clear the $1,800 resistance.

Ethereum started a fresh rally above the $1,650 zone.
The price is trading above $1,700 and the 100-hourly Simple Moving Average.
There was a break above a couple of bullish continuation patterns with resistance at $1,700 and $1,760 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $1,800 resistance zone.

Ethereum Price Starts Fresh Rally

Ethereum price remained stable above the $1,550 level and started a fresh increase, like Bitcoin. ETH traded above the $1,620 and $1,650 levels. The bulls even pumped the price above the $1,700 level.

There was a break above a couple of bullish continuation patterns with resistance at $1,700 and $1,760 on the hourly chart of ETH/USD. The pair even tested the $1,800 zone. A high was formed at $1,803 and the price is showing signs of more gains above the 23.6% Fib retracement level of the upward move from the $1,566 swing low to the $1,803 high.

Ethereum price is now trading above $1,700 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,800 level. The next key resistance is near the $1,820 level.

The first major resistance is near the $1,850 level. A clear move above the $1,850 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,950 resistance zone or even $2,000 in the near term.

Are Dips Supported In ETH?

If Ethereum fails to clear the $1,800 resistance, it could start a fresh decline. Initial support on the downside is near the $1,765 level. The first major support sits near the $1,710 zone.

A clear move below the $1,710 support might push the price toward the $1,700 support. Any more losses might send the price toward the $1,685 support level and the 50% Fib retracement level of the upward move from the $1,566 swing low to the $1,803 high in the near term. The next key support sits at $1,620.

Technical Indicators

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

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

Major Support Level – $1,710

Major Resistance Level – $1,800

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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