Ethereum has, once again, gained more strength versus the US Dollar and shot above the $1,700 area that posed a resistance. Ethereum is displaying positive signals and it might soon shoot over the $1,800 area.
A Steady Upward Movement
Ethereum began the trajectory of its latest increase and was able to secure a place beyond the $1,600 line. The asset now comfortably trades above $1,650 as it does the same on the 100-hour simple moving average.
ETH/USD price chart. Source TradingView
A report from Kraken has it that a break occurred above the major bears’ trend line along with some resistance close to $1,655 on the ETH/USD hourly chart. The ETH/USD pair has to clear the $1,700 before it has a chance of going higher in the direction of $1,735.
Ethereum price created a baseline and began a significant increment north of $1,700. It was then swiftly able to beat the $1,720 and the 100-hour simple moving averages resistance areas
What followed was a decisive move beyond the 76.4% Fibonacci retracement area of the major downward move coming from $1,685 and down to $1,490. Aside from that, there was also another break beyond the major bearish line that had its resistance close to $1,655. It appeared on the ETH/USD chart.
Going Up or Down?
Ethereum trades at $1,650 as of the time of this report. And it also trades above the 100-hour simple moving average. At the same time, it tests the resistance area of $1,720.
If bulls continue to be in action as they have displayed recently, then it is in order to expect more increase beyond $1,800. The first point of resistance beyond $1,700 is close to $1,735. It is also close to the 1.236 Fibonacci extension area of the major declining path from $1,685 at the top to $1,490 at the bottom.
The next significant point of resistance is close to $1,775. If there are more gains after that, it might then lead the way for the asset to reach $1,900 in the short term. And if bulls continue being in action and keep up with the current momentum, Ethereum price might jump as high as $1,980.
But if Ethereum’s price does not move beyond the $1,735 area of resistance, it might begin to correct downward. The first line of support on the declining side is at $1,660.
After that, the other significant support is close to $1,640. For now, the major support line is being created close to $1,600. The downward snap under $1,600 could lead to a new downward slope.