If ETH Goes Above $1650, It Could Start A Fresh Surge: Analysis

IF ETH goes above the $1650 level there are strong chances of a fresh surge as the coin started a downside correction while trading below $1600 against the US dollar. The price found support near $1487 and is now recovering the losses so let’s read more about it in today’s Ethereum news.

Ethereum started a downside correction below the $1650 level and the price is now trading below it and its 100 hourly simple moving average. There’s a key bearish trend line forming with the resistance of $1660 on the hourly chart of the pair that could resume higher once it manages to clear the $1650 and the $1660 resistance levels.

After setting the new all-time high of $1760, ETH started a short-term downside correction and traded below the $1650 and the $1600 support level with a break below the $1560 support level and the 100 hourly simple moving average. Ether tested the $1500 support and formed a new low of $1487 with the price moving higher and trading above the $1550 level. There was a break above the 23.6% fib retracement level of the downward move from the $1763 high to $1487 low.

The price is facing another resistance at the $1620 level and the 100 hourly simple moving average. The 50% fib retracement level from the moves of the $1487 low is also set at $1652. The next key resistance is close to the $1650 level on the hourly charts of the pair. If ETH goes above 50 it could open the doors for another increase and possibly visit the 60 high in the near-term.
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If ethereum fails to clear the $1620 level and the $1650 resistance, it could drop again and on the downside, the support is set at the $1560 level.

Breaking below the $1550 support zone could spark some bearish moves and the next major support will be near the $1500 level below which the price could drop to $1450 support.  The hourly MACD for the pair is gaining momentum in the bullish zone while the RSI for the pair is just above the 50 level.

As reported earlier, The Chicago Mercantile Exchange- CME launched ETH futures on its platform and made it quite easy for institutional investors to gain more exposure to the world’s second-biggest crypto by market cap. According to the data from Skew, 77 Ethereum futures contracts were traded since the launch and these contracts are for 50 ETH each.