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Key Takeaways:
- Ether’s price is moving higher from the $1,550 support.
- ETH/USD is still below a key bearish trend line with resistance near $1,775 on the daily chart.
- The price could start a fresh rally if it clears $1,775 and the 50-day simple moving average.
NEW DELHI (CoinChapter.com) — Ethereum’s ETH price is increasing toward $1,750. The bulls need to gain strength for a move above $1,755 to start a real uptrend.
Ethereum Price (ETH) Holds Key Support
In the middle of this month. Ethereum saw a major decline below the $1,800 pivot level, similar to Bitcoin below $27,5000. The price even declined below the $1,650 and $1,600 levels.
However, the bulls took a stand near the $1,550 support. A low was around $1,517, and the price recently started a decent recovery wave. The price was able to settle above a major pivot level at $1,640.
Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $2,031 swing high to the $1,517 low.
Ethereum is now showing a few positive signs above the $1,700 level, but it is still well below the 50-day simple moving average. On the upside, immediate resistance is near $1,750. The first major resistance is now forming near the $1,775 level.
Besides, a key bearish trend line is forming with resistance near $1,775 on the daily chart. The trend line is near the 50% Fib retracement level of the downward move from the $2,031 swing high to the $1,517 low.
The next major resistance is near $1,800 and the 50-day simple moving average. A daily close above the $1,800 level and the 50-day simple moving average could start a strong increase toward the $1,910 resistance. Any more gains could open the doors for a move toward $2,000.
Another Decline?
Conversely, Ethereum might fail to clear the $1,775 and $1,800 resistance levels. In this case, the price might decline below the $1,700 level. Initial support is near the $1,680 level. The next major support is near the $1,630 level. A close below the $1,630 level might set the pace for another decline.
Ethereum may drop toward the $1,550 support in the stated case. Any more losses could open the doors for a move toward the $1,500 support zone in the coming days.
Overall, Ether’s price is slowly increasing toward the $1,775 resistance. If the bulls push it above $1,775 and $1,800, there could be a decent increase toward $2,000. On the other hand, the price might restart its decline and revisit $1,630.
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