TA: Ethereum Eyes Fresh Surge As It Holds Key Uptrend Support

Ethereum remained well bid above the $1,550 zone against the US Dollar. ETH is rising and might gain pace if there is a clear move above the $1,670 level.

Ethereum found support near $1,580 and started a fresh increase. The price now trades above $1,630 and the 100 hourly simple moving average.

There was a break above a major bearish trend line with resistance near $1,640 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh rally if there is a clear move above $1,670 and $1,680.

Ethereum Price Eyes Upside Break

Ethereum started another decline below the $1,650 level. ETH even traded below the $1,600 support zone, but downsides were limited. The price remained in a range and was well supported above the $1,550 level.

A low was formed near $1,580, and the price is now rising. There was a clear move above the $1,600 and $1,620 levels. Ether price cleared the recent decline's 50% Fib retracement level from the $1,672 swing high to $1,580 low.

Besides, there was a break above a major bearish trend line with resistance near $1,640 on the hourly chart of ETH/USD. The pair now trades above $1,630 and the 100 hourly simple moving average.

It is also trading above the 76.4% Fib retracement level of the recent decline from the $1,672 swing high to the $1,580 low. Immediate resistance on the upside is near the $1,670 level. The first major resistance is near the $1,680 level.

A clear move above the $1,680 level could start a steady increase to $1,750. If the bulls remain in action, the price may rise towards the $1,800 resistance zone.

Fresh Decline in ETH?

If Ethereum fails to rise above the $1,670 resistance, it could start another bearish wave. Initial support on the downside is near the $1,620 zone and the 100 hourly simple moving average.

The next major support is near $1,580, below which there is a risk of a sharp decline. In the stated case, ether price may decline towards the $1,550 support. Any more losses might call for a test of the $1,500 level. - newsbtc

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