ETH Starts Fresh Increase Above $1650: Price Analysis

ETH starts fresh increase above the $1650 resistance and there are chances for the coin to surpass the $1700 resistance levels in the near-term so let’s take a closer look in today’s Ethereum news.

The ETH price is likely to continue higher even towards $1800 in the near-term. ETH starts fresh increase above the $1700 resistance levels with the price now trading well above the $1700 and the 100 hourly simple moving average and the major bullish trend line forming near the support of $1660 on the hourly charts with the pair could correct lower but the bulls will likely remain active above $1680.

Ethereum formed a new support level above $1600 before it climbed above the $1650 level with the coin forming a new base of $1650 before the bulls pushed the price above the $1700 resistance levels. It managed to gain over 5% and reached a new high of $1754 and it is now trading well above the $1700 with the 100 hourly simple moving average. The initial support on the downside is close to the same level with the 50% fib retracement of the upwards move at $1633 swing low to $1754 high.

There’s another bullish trend line forming near the $1660 on the hourly chart of the pair with the trend line closing to the 76.4% fib retracement level from the upwards movement from the $1633 low to $1754 high. On the upside, the $1750 level is a key resistance for even more gains, and the next major resistance is near the $1850 level. If ETH doesn’t climb higher above $1750 resistance levels it could even go on a downside correction with the initial support on the downside being near $1700.

The main support is now forming near the $1650 so if there’s a downside break below the trend line support, there’s a risk of more losses. ETH could decline to $1620 support zone in the near-term and the MACD for the pair is showing positive signs in the bullish zone.

As reported recently, ETH traded as low as $1444 before correcting higher with the bulls being able to push the price higher above $1550 resistance levels. There was also a break above the connecting bearish trend line of the $1540 and the 4-hour charts of the pair. ETH climbed above and cleared the 76.4% fib retracement level from the downward move at $1657 high to $1444 low. It is now trading above the $1600 and the 100 simple moving average with another bullish trend line forming with the support of $1550 on the charts.