The Ethereum price is currently making an effort to surpass the $1,720 level against the US Dollar, with potential for further acceleration if it manages to clear the $1,750 resistance.
Ethereum is currently striving to exceed the $1,720 level, maintaining a trading position above $1,700, and staying above the 100-hourly Simple Moving Average. The hourly chart of ETH/USD reveals a connecting trend line with resistance around $1,750.
Ethereum recently established support above the $1,650 mark and has embarked on a moderate ascent, reminiscent of Bitcoin. It has managed to move beyond the $1,720 resistance level, testing the $1,750 region. The coin reached a peak around $1,756 before encountering a minor downside correction. Although it slipped below $1,735, it remains above the 50% Fib retracement level of the most recent upswing from $1,668 to $1,756.
Ethereum is still above the $1,700 level and the 100-hourly Simple Moving Average. On the upward trajectory, the price might encounter resistance at the $1,750 level. Additionally, there is a trend line connecting with resistance around $1,750 on the hourly chart of ETH/USD.
Ethereum Struggles to Surpass Key Resistance at $1,750
The $1,800 level is the next significant resistance point. If Ethereum successfully clears the $1,800 resistance zone, it could lay the foundation for a more extensive surge. In this scenario, the price might aim for the $1,850 resistance, with the following key resistance level at $1,920. Further gains might then pave the way for a push toward the $2,000 mark.
However, if Ethereum struggles to surpass the $1,750 resistance, it could initiate a downside correction. Initial support is found near $1,710, followed by a crucial support level at $1,680. Additionally, the 76.4% Fib retracement level of the recent rally, from the $1,668 low to the $1,756 high, lies near $1,685 and can offer support. A break below the $1,650 support might trigger a fresh bearish wave, potentially leading to a drop toward the $1,600 level.
In terms of technical indicators, the hourly MACD for ETH/USD is displaying signs of diminishing momentum within the bullish zone, while the hourly RSI is currently above the 50 level. Traders are closely monitoring Ethereum’s price movements, as a decisive breach of the $1,750 resistance could set the stage for further price action.