Over the $1,600 resistance level, the price of ethereum started to significantly rise. Even more so than bitcoin, ETH overcame the crucial $1,700 resistance level to advance into a positive zone.
After a brief period of trading at $1,800, the price surged above the $1,740 resistance. Before a downward reversal, a high was formed near $1,784. The price fell precipitously below $1,700. Price fell as low as $1,666 and approached the $1,665 support area.
The price of ether is currently trading over $1,650 as well as the 100 hourly simple moving average. In the hourly chart of ETH/USD, a significant bullish trend line is also formed, with support located close to $1,690. The price is meeting resistance in the $1,725 area on the upside. It is quite close to the 50% Fib retracement level of the most recent collapse from the swing high of $1,784 to the low of $1,666. The first significant barrier is located close to the $1,740 and $1,750 levels.
Very close to $1,750 is the 76.4% Fib retracement level of the most recent slide from the swing high of $1,784 to the low of $1,666. At the $1,800 mark, there is the next significant barrier. Another significant surge could begin if the $1,800 resistance zone is closed above.
If so, there’s a chance that the price may increase and reach the $1,880 barrier level. The price might reach $2,000 if there are any additional gains. Ethereum may begin a new drop if the $1,740 resistance is not overcome. The trend line and the $1,690 level provide some initial support on the downside.
Near the $1,650 region is the next significant support. If $1,650 is broken, the price might go as low as $1,600. If losses continue, the $1,550 level may need to be tested.
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