Ethereum Eyes Fresh Surge As It Holds Key Uptrend Support


Ethereum has kept bidding well above the $1550 area against the US Dollar. ETH is rising and could gain pace if there is a clear move above the $1,670 level.

  • Ethereum found support near $1,580 and started a new rally.
  • The price is now trading above $1,630 and the 100 hourly simple moving average.
  • There was a break above the major downtrend line with resistance near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a new high if there is a clear move above $1,670 and $1,680.

Ethereum price eyes broken upside down

Ethereum started another drop below the $1,650 level. ETH traded even below $1600 support area But the downsides were limited. The price remained in a range and was well supported above the $1550 level.

The bottom formed near $1,580 and the price is now rising. There was a clear move above the $1600 and $1,620 levels. Ether price has breached the 50% Fib retracement level of the recent decline from the $1,672 swing high to $1,580 low.

Besides, there was a break above the major downtrend line with resistance near $1,640 on the hourly chart of ETH/USD. The pair is now trading above the $1,630 level and Simple moving average per 100 hours.

It is also trading above the 76.4% Fib retracement level of the recent decline from the $1,672 swing high to $1,580 low. There is an immediate resistance on the upside near the $1,670 level. The first major resistance is near the $1,680 level.

Ethereum price

Source: ETHUSD on TradingView.com

A clear move above the $1,680 level could start a steady increase to $1,750. If the bulls continue to move, the price could rise towards the $1,800 resistance area.

A new drop in ETH?

If Ethereum fails to rise above the resistance at $1,670, it may start another descending wave. There is initial support on the downside near the $1.620 area and the 100 hourly simple moving average.

The next major support is near $1,580, below which there is a risk of a sharp decline. In the aforementioned case, the price of Ether may decline towards the $1,550 support level. Any further losses may require a test of the $1500 level.

Technical Indicators

MACD per hourETH/USD’s MACD is losing momentum in bullish territory.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Key Support Level – $1,580

Key Resistance Level – $1,670



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