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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
Ethereum

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

Aayush Jindal by Aayush Jindal
6 months ago
in ETH
Reading Time: 2 mins read
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Ethereum remained well bid above the $1,465 level against the US Dollar. ETH could start a fresh surge if there is a close above the $1,600 resistance.

  • Ethereum corrected lower but the bulls were active near the $1,465 zone.
  • The price is now trading above $1,500 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 fresh surge if there is a clear move above the $1,600 zone.

Ethereum Price Remains Supported

Ethereum started a downside correction below the $1,550 level. ETH even traded below the $1,500 support level but the bulls were active near a major support.

It tested the $1,465 zone 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 stayed above the key $1,465 support zone and started another increase.

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

The price is now trading above $1,500 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,585 level. It is near the 76.4% Fib retracement level of the downside correction from the $1,622 swing high to $1,464 low.

Ethereum Price

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The first major resistance is near the $1,600 zone. The main breakout zone is now forming near the $1,620 zone. A clear move above the $1,620 level could start another major increase. The next key barrier is near the $1,700 level, above which the price might rise towards the $1,800 resistance zone.

More Losses in ETH?

If ethereum fails to rise above the $1,585 resistance, it could continue to move down. An initial support on the downside is near the $1,520 zone and the trend line.

A clear move below the trend line support might push the price towards the $1,465 support zone. Any more losses might even push ether price to the $1,375 support.

Technical Indicators

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

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

Major Support Level – $1,465

Major Resistance Level – $1,585

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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