Ethereum gained momentum above $1,650 after bitcoin’s surge against the US Dollar. ETH price is still struggling near $1,760, but it is likely to break higher.

After clearing the $1,650 resistance, Ethereum started a fresh increase. ETH even cleared the $1,700 resistance, but it struggled to rise as much as bitcoin.

During the increase, there was a break above a major bearish trend line with resistance near $1,660 on the hourly chart of ETH/USD. The pair gained pace above $1,710 and it even spiked above the $1,750 resistance zone.

Ether traded to a new all-time high near $1,777 and it is currently consolidating gains. It is trading well above $1,650 and the 100 hourly simple moving average. An immediate support is near the 23.6% Fib retracement level of the recent rally from the $1,488 swing low to $1,777 high.

There is also a key ascending channel forming with support near $1,710 on the same chart. If there is a downside break below the channel support, the price could decline towards the $1,650 support zone.

On the upside, the price is clearly facing a major resistance near the $1,760 and $1,770 levels. A proper break above $1,770 might spark a rally. The next key resistance is near the $1,880 level.

If Ethereum fails to clear the $1,760 and $1,770 resistance levels, it could correct lower. On the downside, the first major support is near the $1,660 level.

The next major support is near the $1,635 level and 100 hourly simple moving average. The 50% Fib retracement level of the recent rally from the $1,488 swing low to $1,777 high is also near the $1,635 level to provide support in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is still well above the 50 level.

Major Support Level – $1,650

Major Resistance Level – $1,770

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