Ethereum Surges 15% Breaking $1,600 Mark

Ethereum's price has surged, rising nearly 15% and breaking through key resistance levels. The cryptocurrency has climbed above the $1,600 mark, with the price now consolidating gains above the 23.6% Fib retracement level of the upward move from the $1,384 swing low to the $1,687 high. This upward trend was driven by a break above a key bearish trend line with resistance at $1,470 on the hourly chart of ETH/USD.

The bullish momentum has pushed Ethereum above the $1,550 level and the 100-hourly Simple Moving Average. The next key resistance levels are near $1,650 and $1,680. If Ethereum can clear these hurdles, it might attempt a move towards the $1,720 and $1,750 resistance levels. A clear move above $1,750 could potentially send the price towards the $1,850 or even $1,880 resistance zones in the near term.

However, if Ethereum fails to surpass the $1,650 resistance, it could start a downside correction. Initial support on the downside is near the $1,615 level, with the first major support sitting near the $1,580 zone. A clear move below $1,580 might push the price towards the $1,535 support and the 50% Fib retracement level of the upward move from the $1,384 swing low to the $1,687 high. Further losses could send the price towards the $1,480 support level, with the next key support at $1,420.

Technical indicators support the bullish trend, with the MACD for ETH/USD gaining momentum in the bullish zone and the RSI for ETH/USD now above the 50 zone. These indicators suggest that the upward momentum may continue, barring any significant market shifts or unexpected events.