Ethereum Eyes Fresh Surge, Why ETH Could Surpass $1,700


Demand for Ethereum remained above the $1,465 level against the US dollar. ETH could start a new rally if there is a close above the $1600 resistance level.

  • Ethereum corrected lower but the bulls were active near the $1,465 region.
  • The price is now trading above $1500 and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $1,520 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 the $1600 area.

Ethereum price still supported

Ethereum started file Correction of the negative side Below the $1550 level. ETH traded even below the $1,500 support level but the bulls were active near a key support level.

It tested the $1,465 area and the 100 hourly simple moving average. There is also a crucial bullish trend line forming with support near $1,520 on the hourly chart of ETH/USD. The pair remained above the key support area of ​​$1,465 and started another increase.

Ether price rose above the $1,550 resistance area. There was a move above the 50% Fib retracement level of the downside correction from the $1,622 to $1,464 swing level.

The price is now trading above $1500 and Simple moving average per 100 hours. There is an immediate resistance on the upside near the $1,585 level. It is near the 76.4% Fib retracement level of the downside retracement from the $1.622 swing high to the $1,464 low.

Ethereum price

Source: ETHUSD on TradingView.com

The first major resistance is near the $1600 region. The main breakout area is now forming near the $1,620 area. A clear move above the $1,620 level could start another big rally. The next major barrier is near the $1700 level, above which the price may rise towards the $1800 resistance area.

More losses in ETH?

If Ethereum fails to rise above the $1,585 resistance, it may continue to decline. There is initial support on the downside near the $1,520 area and the trendline.

A clear move below trendline support could push the price towards the $1,465 support area. Any further losses could push the price of ether to the support level at $1,375.

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 – $1,465

Key Resistance Level – $1,585



Leave a Comment

Your email address will not be published.