Ethereum Holds Uptrend Support And Could Aim Fresh Rally To $1,800

2023-08-31 05:00:11

Ethereum price is correcting gains from the $1,750 resistance against the US Dollar. ETH is trading above the $1,680 support and might start a fresh increase.

Ethereum started a downside correction below the $1,720 level.
The price is trading above $1,690 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $1,705 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could soon start a fresh increase above $1,720 and $1,750.

Ethereum Price Eyes Fresh Increase

Ethereum’s price started a decent increase above the $1,700 level. ETH climbed toward the $1,750 zone before the bears appeared, like Bitcoin.

A high was formed near $1,747 and the price recently started a downside correction. There was a move below the $1,720 level. It even traded close to the 50% Fib retracement level of the key increase from the $1,640 swing low to the $1,747 high.

However, the bulls are active above the $1,680 level. Ether is now trading above $1,690 and the 100-hourly Simple Moving Average. Besides, there is a connecting bearish trend line forming with resistance near $1,705 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, the price might face resistance near the $1,700 level and the trend line. The next resistance is near the $1,710 level. A close above the $1,710 level might send the price toward the $1,750 zone. If there is a clear move above $1,750, Ethereum could rise toward the $1,800 resistance. Any more gains might send the price toward the $1,850 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,710 resistance, it could continue to move down. Initial support on the downside is near the $1,690 level. The first key support is close to $1,680 or the 61.8% Fib retracement level of the key increase from the $1,640 swing low to the $1,747 high.

The next major support is near the $1,665 level. If there is a downside break below $1,665, the price could extend its decline toward the $1,620 level. Any more losses might send the price toward the $1,540 level in the near term.

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 – $1,680

Major Resistance Level – $1,710

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