Ethereum could climb above $1700 against the US Dollar and the coin has risen 15% in the past day making it stronger to hit that level, so read more today in our latest Ethereum news.
Ethereum has started a further rise above the $1550 and $1600 levels with the price trading above these levels and the 100 hourly simple moving average. There was a break above the key downtrend line with resistance at $1450 on the chart of the ETH/USD pair which may continue to rise if there is a move above the 1675 level $. Ethereum may climb above $1700 after forming a base above $1400 and started a major rise and was able to clear major hurdles near the $1500 level.
The price surged over 15% and then broke above the $1600 level and there was a break above the key downtrend line with resistance near $1450 on the hourly charts for the pair. The pair climbed dramatically and broke above 76.4% fib retracement level of the downward move from the $1663 high to the $1357 low. It broke through the $1650 level and is now trading near the $1660 area, with ETH price now trading above the $1600 simple moving average and immediate upside resistance is near. from $1675, with the first major resistance at $1700.
The main resistance is forming near the $1735 area and it is approaching the 1.235 Fib Extension level of the downside move from $1663 to the $1356 low above the $1735 level might even push the price higher and in this case the price might even reach the resistance of $1800 zone. If ETH fails to break above this zone, it could initiate a downward correction, with initial downside support at $1620.
A clear move below this support zone could trigger a move towards the $1580 level with more losses that could even push the price to the $1510 support and the short-term 100 hourly simple moving average. The pair’s MACD is losing momentum in the bullish zone and the pair’s RSI is in the overbought zone.
As reported recently, a recent SEC insider trading lawsuit has reignited discussions about which crypto assets should be considered securities and whether Ethereum could be classified as such post-merger. Some argue that ETH passes the Howey test due to the way it was launched and its PoS transition. ETH players earn revenue by validating blocks on the network, so there is an argument that investors will buy the asset expecting a profit, but a security classification from the SEC seemed little likely.
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