Ethereum started a strong rise above the $1,600 level against the US Dollar. ETH is up over 15% and could even clear the $1,700 resistance zone.
Ethereum started a major rise above the $1,550 and $1,600 levels. The price is now trading above $1,600 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $1,450 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move higher if there is a clear move above the $1675 level.
Ethereum price jumps above $1,600
Ethereum formed a base above the $1400 level and started a major rally. ETH was able to clear some key hurdles near the $1,500 and $1,550 levels.
The price jumped over 15% and even broke above the $1,600 level. There was a break above a key bearish trend line with resistance near $1,450 on the hourly chart of ETH/USD. The pair rose sharply and broke above the 76.4% Fibonacci retracement level of the downward move from the $1,663 high to $1,357 low.
It even broke the $1,650 level and is now trading near the $1,660 zone. Ether price is now trading above $1,600 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,675 level. The first major resistance is near the $1,700 zone.
Source: ETHUSD on TradingView.com
The main resistance is now forming near the $1,735 zone. It is near the 1,236 Fibonacci extension level of the downward move from the $1,663 high to $1,357 low. A clear move above the $1,735 level could push the price further. In the indicated case, the price perhaps rises towards the $1,800 resistance zone.
Supported dips in ETH?
If ethereum fails to break above the $1,675 resistance, a downside correction could start. An initial support on the downside is near the $1,620 zone.
A clear move below the $1620 support could trigger a move towards the $1580 level. Further losses could even push the price to the $1,510 support or even the 100 hourly simple moving average in the near term.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now in the overbought zone.
Major Support Level: $1,620
Major resistance level: $1,675
This post Ethereum surges 15%, why ETH could rise above $1,700
was published first on https://www.newsbtc.com/analysis/eth/ethereum-surges-15-pc-1600/