Ethereum Price Prints Bullish Technical Pattern, Why Close Above $1,780 Is Critical – NewsBTC

Ethereum price is recovering above $1,700 against the US Dollar. ETH could continue to move up if it clears the $1,780 resistance zone.
Ethereum’s price was able to form a support base above the $1,620 level. ETH started a decent recovery wave above the $1,680 and $1,700 resistance levels, similar to Bitcoin.
Besides, there was a break above a major bearish trend line with resistance near $1,720 on the hourly chart of ETH/USD. The bulls even pushed the price above the $1,750 resistance and the 100-hourly Simple Moving Average. It tested the $1,770 level. A high is formed near $1,768 and the price is now correcting gains.
There was a move below the $1,750 level. Ether dipped below the 23.6% Fib retracement level of the upward move from the $1,620 swing low to the $1,768 high.
It is now trading above $1,700 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,740 level. The next major resistance is near the $1,770 level.

Source: ETHUSD on TradingView.com
The main resistance is near $1,780. A proper move above the $1,770 and $1,780 resistance levels might start a steady recovery wave. The next resistance sits near $1,820, 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 $1,780 resistance, it could start another decline. Initial support on the downside is near the $1,710 level.
The next major support is near the $1,675 level or the 61.8% Fib retracement level of the upward move from the $1,620 swing low to the $1,768 high. If there is a break and close below the $1,675 support, the price could dive toward the $1,620 support. Any more losses may perhaps send the price toward the $1,550 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 below the 50 level.
Major Support Level – $1,675
Major Resistance Level – $1,780
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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