Ethereum Eyes For A New Surge And Can Surpass $1700: Analysis
Ethereum eyes for a new surge and can surpass $1700 in the short-term as we can see more today in our latest Ethereum news.
Ethereum corrected lower but the bulls were quite active near the $1465 zone. The price is trading above $1500 and the 100 hourly simple moving average but there’s also a crucial bullish trend line forming with support at $1520 on the hourly charts. The ETH/USD pair could start a new surge if there is a move above the $1600 zone. Ethereum eyes for a new surge after starting a new downside correction below the $1550 level. ETH traded below the $1500 level but the bulls were active near the major support line.
ETH 24-hour Price Chart (Source: Coingecko)
ETH tested the $1465 zone and the 100 hourly simple moving average with a crucial bullish trend line forming near the support of $1520 on the hourly charts. The pair stayed above the $1465 support and started a new increase. ETH climbed above the $1550 resistance and there was a move near the 50% fib retracement level from the downside correction at the $1622 high to the $1464 low. The price is trading above $1500 and the 100 hourly simple moving average with an immediate resistance being set at $1585. The coin is near the 76.4% fib retracement level from the downside correction of $1622 swing high to $1464 low.
The first major resistance is close to the $1600 zone with the main breakout zone forming close to the $1620 zone and moving above it could start a new increase. The next key barrier is set at the $1700 level above which the price can increase to the $1800 resistance. If ETH fails to rise above this resistance it can continue moving down and the initial support on the downside is near the $1520 support. The first major resistance is set near the $1600 zone and the main breakout zone is forming near the $1630 zone. The next key barrier is set at the $1700 level and if ETH fails to rise above the $1585 it can continue moving down with an initial support being near the $1520 zone.
ETH 7-Day Price Chart (Source: Coingecko)
Moving below this trend line could push the price below $1465 support and more losses could push ether to $1375. The hourly MACD for the pair is losing momentum in the bullish zone with the hourly RSI being above the 50 levels.
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