ETH Has To Hold $1700 For Another Rally Towards $2000

ETH has to hold $1700 level in order for it to hit $2000 after it struggled near the $1850 level and corrected lower against the US dollar so let’s take a closer look at our latest Ethereum news today.

ETH’s price is moving lower from the $1850 resistance zone against the US dollar with the price approaching the $1780 support and the 100 simple moving average. There’s a key rising channel forming with the support close to the $1775 on the 4-hour charts of the pair which is likely to drop heavily if it fails to stay above the $1775 level in the near-term.

Over the past week, BTC and ETH saw a fresh decline from $60K and $1880 against the US dollar while ETH remained well bid above the $1710 and the 100 simple moving average. The last swing low was settled near the $1173 before the new upside move and the price then climbed above the $1800 resistance level. There was another break above the 50% fib retracement level from the move at $1942 high to $1713 low.

The price failed to clear the $1850 resistance zone so it seems that it failed to clear the 61.8% fib retracement level from the downwards move at $1942 high to the $1713 low. ETH is now dropping and trading below the $1800 level but there’s a key rising channel forming with the support near the $1775 level on the 4-hour charts of the pair. If there’s another downside break below the channel support, there will be a risk of dropping even further. More losses below the $1700 level could open the doors for a larger drop towards $1500.

If ETH stays above the channel support at $1700, it will attempt another increase with the initial resistance on the upside remaining near $1820. The first key resistance was near the $1850 level so if eTH breaks the $1850 resistance, there are more chances of an increase in the upcoming sessions. The next key resistance is near the $1920 and the $1950 levels.  The 4-hour MACD for the pair is gaining momentum in the bearish zone while the 4-hour RSI is below the 50 level. The major support level is set at $1710 while the major resistance one is set at $1850. ETH has to hold above the $1700 if it wants to hit a new ATH.