Ethereum is eyeing a further surge and may rise above $1700 in the near term, as we can see more today in our latest Ethereum news.
Ethereum corrected lower but the bulls were quite active near the $1465 area. The price is trading above $1500 and the 100 hourly simple moving average, but there is also a crucial uptrend line forming with support at $1520 on the hourly charts. The ETH/USD pair could start a new push if there is a move above the $1600 area. Ethereum is eyeing another surge after initiating another downward correction below the $1550 level. ETH traded below the $1500 level, but bulls were active near the main support line.
ETH tested the $1465 area and the 100 hourly simple moving average with a crucial uptrend line forming near the $1520 support on the hourly charts. The pair remained above the $1465 support and started a fresh rise. ETH climbed above the $1550 resistance and there was movement near the 50% fib retracement level from the downward correction to the $1622 high to $1464 low. The price is trading above $1500 and the 100 hourly simple moving average with immediate resistance set at $1585. The coin is near the 76.4% fib retracement level of the downside correction from the $1622 high to $1464 high.
The first major resistance is near the $1600 area, with the major breakout zone forming near the $1620 area and moving above could initiate a further rise. The next key barrier is set at the $1700 level above which the price may rise to the $1800 resistance. If ETH fails to overcome this resistance, it may continue lower and the initial support on the downside is near the support at $1520. The first major resistance is near the $1600 area and the major breakout zone is forming near the $1630 area. The next key barrier is set at the $1700 level and if ETH fails to break above $1585, it may continue lower with initial support near the $1520 area.
Moving below this trendline could push the price below the $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 above the 50 levels.
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