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Market oracle: Ethereum price could rise sharply! Here are the purposes

Ethereum price started a steady recovery above the $1,600 level against the US Dollar. Ethereum price is currently facing major resistances around $1,700 and $1,750, according to renowned analyst Aayush Jindal who made successful assumptions.

  • Ethereum price formed a strong foothold above $1550 and recovered above $1600.
  • The price is still trading below the $1,700 resistance and the 100 hourly easy moving average. There was a break above a bearish channel near $1,620 on the hourly chart of
  • ETH/USD (information flow via Kraken).
  • According to the analyst, if there is a clear break above $1,720 and $1,720, the pair could start a strong rise.

Ethereum price will fall further?

Ethereum price stayed strong above the $1500 level and recovered well above $1600. ETH has even settled above the $1,600 level in a similar fashion to Bitcoin. There was a surge above the $1,700 level but the bulls failed to strengthen. A high was formed around $1,720 and the price fell. There was a break below the 23.6% Fib retracement level of the $1,720 swing low

. However, ETH price remained stable above the $1,575 level. The 50% Fib retracement level of the $1,430 to $1,720 low also provided reinforcement. Ethereum price climbs back above $1,600 level. There was a break above a key bearish channel near $1,620 on the hourly chart of ETH/USD. The first major resistance is near the $1,700 level.

Here are the key levels to watch for in Ethereum price

The main resistance is currently forming near the $1,720 level and the 100 hourly average. If there is a clear break above $1,720 and $1,720, ETH price could start a steady increase. The next major resistance on the upside sits near $1,800.

Ethereum price could see another decline if it fails to stay above the $1700 and $1720 resistance levels. The first reinforcement on the downside is near $1,575, according to the analyst. There is also a contacting uptrend line forming with the support near $1,575 on the chart. If there is a downside break below the trendline support, there could be a precise sharp drop to $1,500 or even $1,450 in ETH.

Ethereum price latest view with technical indicators

Hourly MACD: The MACD for ETH/USD is struggling to gain momentum in the upside zone to win .

Hourly RSI: The RSI for ETH/USD is currently near the 50 level.

Main resistance level: $1,720.

Posted in Crypto World

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