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Ethereum was able to break through the $1,650 resistance level against the US dollar. If ETH continues to remain above the $1,625 support level, it may rise further towards $1,800.Ethereum was able to begin an upward correction above the $1,600 resistance zone.<a href="https://www.coingabbar.com/en/crypto-currency/ethereum-eth-prices-usd" rel="noopener noreferrer nofollow"> ETH broke through the $1,620 and $1,625</a> resistance levels, opening the way for further gains.The price breached the 23.6% Fib retracement level of the main drop from the $1,880 swing high to the $1,524 low. Ether price even broke through the $1,650 resistance level and settled above the 100 hourly simple moving average. Finally, it traded near the $1,700 resistance level, where the bears emerged.The price is currently trading above $1,650 as well as the 100 hourly simple moving average. On the hourly chart of ETH/USD, a major rising channel with support near $1,645 is also forming.On the upside, an immediate resistance is near $1,680. Near the $1,700 level, the first major resistance is forming. It is close to the 50% Fib retracement level of the main drop from the swing high of $1,880 to the low of $1,524. A clear break above $1,700 could jump a sharp rise.The next major resistance is near $1,745; above this level, the price could gain bullish momentum and rise to test the $1,800 resistance.If<a href="https://www.coingabbar.com/en/crypto-currency-news-english/ethereum-price-drop-merge-range-predicted-expert-2" rel="noopener noreferrer nofollow"> ethereum fails to break through the $1,700 barrier</a>, it may begin a new decline. The 100 hourly simple moving average and the channel trend line provide initial support on the downside.The next major support is near $1,625, below which the price of ether may begin to fall. In the aforementioned scenario, the price could fall to $1,550. Any further losses could open the door for a move towards the $1,520 level.KEY LEVELS :RESISTANCE LEVEL : $1720-$1780SUPPORT LEVEL : $1620-$1560

Cryptocurrency price update: ETHEREUM PRICE ANALYSIS : Bullish on ETH as it approaches $1,700

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