Ethereum rises despite recent crash, what caused ETH to reach $1,700 The Ecoinomic

Ethereum is trading at above $1,550. ETH could rise if there is a clear move above the $1,620 resistance zone.

Ethereum is trading in the positive zone above the $1,520 and $1,500 support levels.
The price is currently trading above $1,550 and the 100-hour simple moving average.
There is a major uptrend line forming with support near $1,560 on the hourly chart of ETH/USD.
The pair could initiate another rally if it sustains above the $1,550 and $1,530 support levels.

Ethereum Price Rises

Ethereum managed to gain strength above the $1,620 resistance level and the 100-hour simple moving average. However, ETH was unable to sustain stability above $1,620.

The high price was formed near $1,648 and the price increase fell. There have been price declines below the $1,580 and $1,550 levels.

The low price was formed near $1,535 and the price is currently rising. There was a move above the $1,550 resistance level. Ether price has reached a 23.6% Fib retracement, the recent drop from $1,648 to $1,535.

Ethereum is currently trading above $1,550 and a simple 100-hour moving average. There is also a major uptrend line forming with support near $1,560 on the hourly chart of ETH/USD.

The immediate resistance on the upside is near the $1,600 level. It sits near the 50% Fib retracement level of the recent decline from the $1,648 high to the $1,535 low. The next major resistance level is currently forming near the $1,620 level.

Ethereum Price Chart — Ethereum price chart

A clear move above the $1,650 level could take the price to the $1,650 resistance level. Any further gains could cause Ethereum to reach the $1,700 resistance level in the near term.

Ethereum’s new decline?

If Ethereum fails to break above the $1,600 resistance level, it could initiate another slump. Initial support on the downside is near the $1,560 zone and the 100 hourly SMA.

The next major support is near $1,535, below which the ether price could return to $1,500. Any further losses could send the price towards the $1,420 zone.