TA: Ethereum Surges 15%, Why ETH Could Climb Above $1,700

Ethereum started a strong increase above the $1,600 level against the US Dollar. ETH is up over 15% and might even clear the $1,700 resistance zone.

Ethereum started a major increase above the $1,550 and $1,600 levels.

The price is now trading above $1,600 and the 100 hourly simple moving average.

There was a break above a key bearish trend line with resistance near $1,450 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to rise if there is a clear move above the $1,675 level.

Ethereum Price Jumps Above $1,600

Ethereum formed a base above the $1,400 level and started a major increase. ETH was able to clear a few key hurdles near the $1,500 and $1,550 levels.

The price jumped over 15% and even surpassed the $1,600 level. There was a break above a key bearish trend line with resistance near $1,450 on the hourly chart of ETH/USD. The pair climbed sharply and surpassed the 76.4% Fib retracement level of the downward move from the $1,663 swing high to $1,357 low.

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