Ethereum Eyes Fresh Surge As It Holds Key Uptrend Support

The Ethereum price was well above $1,550 against the US Dollar. ETH’s price is on the rise, and it could gain momentum if there’s a clear move higher than $1670.

  • Ethereum gained support at $1,580. This prompted a new increase.
  • The current price trades above $1,630.
  • The hourly chart for ETH/USD showed a break above the major bearish trendline with resistance at $1,640 (data feed via Kraken).
  • If the pair moves above $1,670 or $1,680, it could begin a new rally.

Ethereum Price Looks Upside Down

Ethereum began a new decline below the $1650 level. ETH was trading below $1,600 but the downsides were minimal. The price range remained stable and supported by the $1,550 support level.

The price has been rising since a low of $1,580 was reached. The price moved above $1,600, $1,620 and the Fib retracement levels. Price of Ether cleared 50% Fib Retracement Level for recent fall from $1.672 swing high, to $1.580 low.

A break was also seen above the major bearish trendline with resistance at $1,640, on an hourly chart for ETH/USD. Now, the pair trades above $1630 and the 100-hourly simple moving average.

Also, it is trading higher than the 76.4% Fib level of the decline from the $1.672 swing high and low to $1.580 low. The $1,670 mark is the immediate resistance. It is located near $1,680 as the initial major resistance.

Ethereum Price

Source: ETHUSD

An obvious move above the $1680 mark could lead to a steady rise towards $1,750. If bulls continue to be active, prices could climb towards the $1800 resistance zone.

New Decline in the ETH

It could begin a bearish trend if ethereum does not rise above $1,670. Initial support for the downside lies near the $1620 zone and 100-hourly simple moving average.

Below $1,580 there is risk of sharp falls. The nearest major support is at or near $1,580. The above scenario could lead to a decline in ether prices towards $1,550. A test at the $1,500 level might be necessary for any further losses.

Technical indicators

Minutely MACDMACD for USD/ETH is losing momentum now in bullish territory.

Hourly RSIThe RSI is at 50 for USD/ETH.

Major Support Level – $1,580

Major Resistance Level – $1,670

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