Ethereum Price Forms Bullish Pattern, Why ETH Could Surge Again

Ethereum began a downward correction against the US dollar at $1,665. If it holds above $1,550 support, ETH might see a renewed increase.

  • Ethereum reverses gains at the $1.650 and $1.665 resistance levels.
  • Today, the price traded above $1550. The 100-hourly simple moving average is also up.
  • On the hourly chart for ETH/USD, there is resistance close to $1,600. (Data feed via Kraken).
  • If the pair remains above $1,550, it could begin a new increase.

Ethereum price remains supported

Ethereum traded in a positive zone, above and beyond the $1,450 resistance level. ETH gained momentum and traded in excess of the $1550 resistance zone with a closing close that was above the 100 hourly simple moving mean.

Price reached a multi-week high of $1,664 after clearing the $1,600 resistance. Recently, there was a downturn below the $1620 and $1600 levels. Even the 23.6% Fib Retracement Level of the upward movement from $1,485 swing lows to $1,664 highs, Ether’s price fell below that level.

The 100-hourly simple moving average and $1,550 are now the highest levels of trading. On the hourly chart for ETH/USD, there is a significant declining channel with resistance at $1,600.

The channel trend line zone and $1,600 are the immediate support levels for the upside. Near the $1650 and $1665 levels is the initial major resistance. Above which, the price may gain bullish momentum. The price may even reach the $1,700 mark in the above scenario.

Ethereum Price

Source:, ETHUSD

The pace could be set for another increase if there is a clear upward break of the $1,700 resistance level. The price could rise to $1,720 in this scenario.

Dips supported in ETH

It could fall further if it fails to rise above $1,600 resistance. The $1,565 and 100 hourly simple moving indices provide initial support.

Near $1,565, the 50% Fib level for the upward movement from $1,485 swing high to $1,664 low is also close. In the short term, a downside breakout below the $1550 zone could send the price to the $1500 support zone.

Technical indicators

Minutely MACDIn the bearish zone, momentum is being gained by MACD for USD/ETH.

Hourly RSIThe current RSI level for USD/ETH is below 50.

Major Support Level – $1,550

Major Resistance Level – $1,600

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