TA: Ethereum Surges To New ATM, Why ETH Could Rally Further Above $1,500

Ethereum surged 15% and it traded to a brand-new all-time high near $1,475 against the US Dollar. ETH price is currently fixing lower, but it is most likely to remain well bid above $1,350.

• Ethereum began a fresh rise above the $1,350 and $1,400 resistance levels.
• The rate traded as high as $1,476 and it is now well above the 100 hourly basic moving average.
• There is an essential bullish trend line forming with support near $1,360 on the hourly chart of ETH/USD (information feed by means of Kraken).
• The set could remedy lower, but the bulls are most likely to remain active near $1,350 and $1,360.

Ethereum Price is Gaining Bullish Momentum

In the past 3-4 sessions, there was a strong increase in Ethereum above the $1,300 resistance level. ETH exceeded bitcoin and it rallied above the $1,400 resistance level.

There was also a close above the $1,400 level and the 100 hourly easy moving average. Ether acquired 15% and it traded to a brand-new all-time high near the $1,476 level. The price is presently correcting lower and trading listed below the $1,450 level.

There was a break listed below the 23.6% Fib retracement level of the current rally from the $1,299 swing low $1,476 high. A preliminary assistance on the downside is near the $1,400 level. There is also is a key bullish trend line forming with support near $1,360 on the hourly chart of ETH/USD.

 Source: ETHUSD on TradingView.com

On the benefit, the rate is facing obstacles near $1,450 and $1,475. The primary resistance is near the $1,500 level. A clear break above the $1,500 resistance level might unlock for a sharp increase in the coming sessions. The next stop for the bulls might be $1,580 or $1,600.

Dips Supported in ETH?

If ethereum starts a drawback correction, it could stay steady above the $1,400 level. The very first significant assistance on the drawback is near the trend line and $1,350.

The 50% Fib retracement level of the current rally from the $1,299 swing low $1,476 high is also near the $1,385 level to function as an assistance. Therefore, ether rate is most likely to remain well bid if there is a decline towards the $1,360 level.

Technical Indicators

Hourly MACD – — The MACD for ETH/USD is slowly losing rate in the bullish zone.

Hourly RSI – — The RSI for ETH/USD is presently fixing lower towards the 60 level.

Significant Support Level –– $1,360

Significant Resistance Level –– $1,450