ETH Bulls Push Higher Towards $1720 As Key Level For New Rally

ETH Bulls push higher towards $1720 which serves as the key level for a new rally as the coin started a steady recovery above the $1600 level against the US dollar. The price is now facing a strong resistance near $1700 as we are reading more in our latest Ethereum news.

ETH formed a decent support base of $1550 and recovered above $1650 with the price still trading below the $1700 resistance and the 100 hourly simple moving average. There was a break above the key declining channel with the resistance at $1620 on the hourly chart of the pair that could start increasing if there’s a break above $1700 and $1720.

ETH remains strong above the $1500 level and managed to recover above $1600 with the coin settling above the $1600 level similar to BTC above $50K. There was a spike above the $1700 level however the bulls were able to gain more strength. A new high was formed near the $1720 level and the price started correcting lower with the break below the 23.6% fib retracement level of the upwards move at $1430 low to $1720 high. The ETH bulls push higher as the price remained stable. The 50% fib retracement level from the upwards move at $1430 low to $1720 high provided more support. The price was rising again above the $1600 level with a break above the key declining channel that neared the resistance of $1620 on the hourly charts of the pair.

The first major resistance is close to the $1700 level with the main resistance forming near the $1720 level and the 100 hourly simple moving average. If there’s a clear break above $1700 and $1720, ETH could start a new increase with the next major resistance nearing the $1800 level. If ETH fails to continue higher above $1700 resistance, there could be another drop with the initial support on the downside nearing the $1575 level. There’s also a connecting bullish trend line that is forming near the support at $1575 on the charts so if there’s a break below the trend line, there will be another sharp drop towards $1500 or lower.

The hourly MACD for the pair is having a hard time gaining momentum in the bullish zone with the RSI for the pair closing in on the 50 level.