ETH Holds Gains Above $1600 And Could Surge Again Soon

ETH holds gains above $1600 and could surge again soon as it corrected from its all-time high of $1697 against the US Dollar. ETH holds gains above the $1600 level and could increase again as we are looking into it some more in our latest Ethereum news.

The price is still trading well above the $1600 level and the 100 hourly simple moving average with a key contracting triangle forming with resistance near the $1655 on the hourly chart of the ETH/USD with the pair likely to resume higher once it clears the $1660 resistance levels in the near-term. After setting a new all-time high of $1697, ETH started a short-term downside correction and traded below the $1620 support level with a spike below the $1600 level but the price recovered fast.

Ether is now trading well above the $1600 and the 100 hourly simple moving average and the recent swing low was formed close to the $1589 before the price climbed above $1620. There was a break above the 50% fib retracement level from the recent decline at the $1672 high to the $1589 low. It now seems like there’s a key contracting triangle forming with the resistance closing in on the $1655 on the hourly chart of the pair. The triangle resistance is close to the 76.4% fib retracement level from the recent decline from the $1672 high to the $1589 low. If there’s a close above the triangle resistance at $1660 the price could start a fresh increase. In this case, it could surpass the $1700 level in the near term with the next major resistance for the bulls above the $1700 could be at $1735.

There’s a new real-time notification system that will inform you of incoming and outgoing transactions from any address or token contract offered by ETHplorer which is the company’s Watching Service that monitors addresses that you will select and sends you a real-time notification once that address performs a new transaction and you can choose to monitor the incoming our outcoming transactions. If ETH fails to clear that $1655 resistance level and the triangle upper trend line and could even continue lower. The initial support is close to the triangle lower trend line at the $1585 and a new downside break below this support could push the price at the $1550 support zone. More losses could lead to a price below $1500 in the coming sessions.