The price of Ethereum in relation to the US dollar is reversing gains from the $1,750 resistance. ETH is currently trading above the $1,680 support level and may begin a new uptrend.

Below $1,720, Ethereum started to correct downward.

The price is currently trading above both the 100-hour simple moving average and $1,690.

On the hourly chart of ETH/USD (data feed via Kraken), a connected negative trend line is developing, with resistance located close to $1,705 (data feed).

The two might start a new increase soon above $1,720 and $1,750.

Ethereum Price Eyes Fresh Increase

Above $1,700, Ethereum’s price started to rise significantly. Before the bears surfaced, ETH soared near the $1,750 region, like Bitcoin.

Near $1,747, a peak was created, and most recently, the price began to decline. There was a decline below the $1,720 mark. Even the important gain from the $1,640 swing low to the $1,747 high was traded very closely to the 50% Fib retracement line.

The bulls, though, are active over the $1,680 mark. At this time, the price of ether is above $1,690 and the 100-hour SMA. On the ETH/USD hourly chart, there is also a connecting negative trend line forming with resistance near $1,705.

On the upside, the price may encounter resistance close to the trend line and the $1,700 mark. Near the $1,710 mark, there will be the next resistance. The price could move toward the $1,750 region if it closes over the $1,710 mark. Ethereum might climb toward the $1,800 resistance if there is a decisive move above the $1,750 level. The price could move toward the $1,850 resistance level with any additional increases.

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More Losses in ETH?

Ethereum may continue to decline if the $1,710 resistance is not overcome. Near $1,690 is where initial support on the downside is located. Near $1,680, or the 61.8% Fib retracement line of the significant climb from the $1,640 swing low to the $1,747 high, is the first important support.

The $1,665 mark serves as the next significant support. The price may continue to fall toward the $1,620 level if there is a downward break below $1,665. In the short future, any further losses could push the price in the direction of $1,540.


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