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    Ethereum Surges 15%, Why ETH Could Climb Above $1,700


    Ethereum began a powerful enhance above the $1,600 stage in opposition to the US Dollar. ETH is up over 15% and would possibly even clear the $1,700 resistance zone.

    • Ethereum began a significant enhance above the $1,550 and $1,600 ranges.
    • The worth is now buying and selling above $1,600 and the 100 hourly easy shifting common.
    • There was a break above a key bearish pattern line with resistance close to $1,450 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
    • The pair may proceed to rise if there’s a clear transfer above the $1,675 stage.

    Ethereum Price Jumps Above $1,600

    Ethereum fashioned a base above the $1,400 level and began a significant enhance. ETH was in a position to clear a couple of key hurdles close to the $1,500 and $1,550 ranges.

    The worth jumped over 15% and even surpassed the $1,600 stage. There was a break above a key bearish pattern line with resistance close to $1,450 on the hourly chart of ETH/USD. The pair climbed sharply and surpassed the 76.4% Fib retracement stage of the downward transfer from the $1,663 swing excessive to $1,357 low.

    It even broke the $1,650 stage and now buying and selling close to the $1,660 zone. Ether worth is now buying and selling above $1,600 and the 100 hourly simple moving average. An fast resistance on the upside is close to the $1,675 stage. The first main resistance is close to the $1,700 zone.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    The predominant resistance is now forming close to the $1,735 zone. It is close to the 1.236 Fib extension stage of the downward transfer from the $1,663 swing excessive to $1,357 low. A transparent transfer above the $1,735 stage may push the value additional increased. In the said case, the value could maybe rise in the direction of the $1,800 resistance zone.

    Dips Supported in ETH?

    If ethereum fails to rise above the $1,675 resistance, it may begin a draw back correction. An preliminary help on the draw back is close to the $1,620 zone.

    A transparent transfer under the $1,620 help would possibly spark a transfer in the direction of the $1,580 stage. Any extra losses would possibly even push the value to the $1,510 help and even the 100 hourly easy shifting common within the close to time period.

    Technical Indicators

    Hourly MACDThe MACD for ETH/USD is now shedding momentum within the bullish zone.

    Hourly RSIThe RSI for ETH/USD is now within the overbought zone.

    Major Support Level – $1,620

    Major Resistance Level – $1,675



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