Ethereum’s new ATH is only the start of a new major rally as the price is already up 10% by breaking many hurdles close to the $1450 and $1500 level as we read more in our latest Ethereum news.
The price is now trading above $1500 and the 100 hourly simple moving average with a break above the short-term contracting triangle and resistance of $1535 on the hourly chart of the pair which is likely to accelerate higher to $1580 and the $1600 levels in the near-term.
After forming a new support base of $1400, ETH broke the main $1450 resistance zone and opened the doors for another increase in price above the $1500 resistance level. While the increase was ongoing, there was a break above the contracting triangle with the resistance of $1445 on the charts of the pair. The pair cleared the 1.236 Fib extension level from the key decline at $1439 high to $1270 swing low. Ethereum’s new ATH is only the start of another rally as the price gained 10% which led it to an all-time high close to $1550 level. Recently there was a new break of the short-term contracting triangle with the resistance of $1535 on the charts.
It seems that the price has a hard time clearing the $1550 zone and it is close to the 1.618 Fib extension level from a declining level of $1439 to the $1270 swing low. breaking above this level could set the tone for another increase in the coming sessions. The next major resistance could be set at $1600 level above which the bulls could aim for another surge. If ETH fails to clear the $1580 level it could correct lower but on the downside, the support lies at $1520.
The main support is formed near $1450 and if there’s a clear break below the $1450, the price could revisit the $1400 support zone with technical indicators forming at the hourly MACD that gains momentum in the bullish zone. The hourly RSI for the pair is well above the 60 level.
The second-biggest cryptocurrency by market cap is in the middle of increasing to a new all-time high again as the altcoin market is cooling down. Ethereum rockets to $1500 as per the new data which is a new all-time high by all standards. ma
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]