Ethereum Surges 5% to $1,644, Eyes $1,800 Resistance

Ethereum's price has shown signs of recovery, starting a fresh increase from the $1,550 zone. The cryptocurrency has surpassed key resistance levels, including $1,580 and $1,600, and is currently trading above $1,600 and the 100-hourly Simple Moving Average. This upward movement has been supported by a break above a connecting bearish trend line with resistance at $1,590 on the hourly chart of ETH/USD.

The price of Ethereum has formed a high at $1,644 and is stable above the 23.6% Fib retracement level of the upward move from the $1,566 swing low to the $1,644 high. The next key resistance levels are near $1,640 and $1,650, with the first major resistance near $1,680. A clear move above the $1,680 resistance might send the price toward the $1,720 resistance, and an upside break above the $1,720 resistance might call for more gains in the coming sessions. In this scenario, Ethereum could rise toward the $1,800 resistance zone or even $1,840 in the near term.

However, if Ethereum fails to clear the $1,650 resistance, it could start a downside correction. Initial support on the downside is near the $1,620 level, with the first major support sitting near the $1,605 zone and the 50% Fib retracement level of the upward move from the $1,566 swing low to the $1,644 high. A clear move below the $1,605 support might push the price toward the $1,580 support, and any more losses might send the price toward the $1,550 support level in the near term. The next key support sits at $1,500.

Technical indicators suggest that the MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. The major support level is at $1,600, and the major resistance level is at $1,650. These indicators suggest that Ethereum's price is currently in a positive zone, with the potential for further gains if it can clear the $1,650 resistance level. However, if the price fails to break above this resistance, it could face a downside correction.