Ethereum’s ETH is gaining pace above $1,650. The price aims for a clear upside break above the $1,700 resistance zone.
Ethereum Price (ETH) Surges Above $1,600
In the past few sessions, Ethereum and Bitcoin saw a strong increase against the US Dollar. However, before the recent increase, the ETH/USD pair formed a base above the $1,500 level.
There was a clear move above the $1,550 and $1,600 resistance levels, pushing the price into a positive zone. Moreover, the upward move was such that the price even broke the $1,650 resistance. Besides, Ether’s price cleared a major bearish trend line with resistance near $1,670 on the 4-hours chart.
The price settled above the $1,650 level and the 50 simple moving average (4 hours, blue). Finally, the bears appeared near the main resistance at $1,700.
A high is around $1,711, and the price is now consolidating gains. Immediate resistance is near the $1,695 level. The main breakout resistance is near the $1,700-$1,720 zone. A successful close above the $1,700 zone could set the pace for a larger increase (considering the current momentum and price action).
The next major resistance is near the $1,765 level. Any more gains might open the doors for a move toward the $1,800 resistance or even $1,840.
Downside Correction in ETH?
Conversely, the Ethereum price might fail to clear the $1,700 resistance zone. In the stated case, it could correct lower. Immediate support on the downside sits near the $1,670 level and the broken trend line.
The next major support is near the $1,650 level or the 23.6% Fib retracement level of the upward move from the $1,462 swing low to the $1,711 high.
If there is a move below $1,650, there is a risk of an extended decline. In this scenario, the price may test the $1,600 support or the 50% Fib retracement level of the upward move from the $1,462 swing low to the $1,711 high. Any more losses below $1,580 could send the price toward the $1,500 zone.
Overall, Ether’s price is gaining pace above $1,650 and the 50 simple moving average (4 hours, blue). So if ETH settles above $1,700, it could pump further. But conversely, the price might start a downside correction toward $1,650 or $1,580.
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