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Ethereum Doesn’t Have The Momentum To Surge Above $1700

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Ethereum doesn’t have the momentum to surge above $1700 despite showing some positive signs for the upside. The coin has to settle above $1720 for a sustained upward move while the price is above the $1650 resistance as we can see more in today’s ETH news.

The price is above the $1650 resistance and the 100 hourly simple moving average with the key bullish trend line forming close to the support near $1675 on the hourly charts of the pair that will start a strong rally if it manages to clear the break above $1730. Ethereum found support near the $1550 zone and started a new increase that is similar to BTC. ETH charted more hurdles later near $1600 and the $1620 zone to move into a positive zone.

ETHUSD
Source ETHUSD on TradingView.com

The main hurdle cleared was close to the $1650 and the 100 hourly simple moving average with the price climbing higher towards $1733 before another downside correction. There was a new break below the $1700 level but the price remained stable near the $1660 level as it formed a new low to $1662 with the price rising. It is now above the $1650 resistance and the 100 hourly simple moving average and a key bullish trend line that is forming near the same level on the hourly charts of the pair.

The immediate resistance is close to the $1700 level and the 50% fib retracement level from the move of $1733 high to $1662 low. The first key resistance was near the connecting bearish trend line at $1710 on the same chart with it closing to the 61.8% fib retracement level of the downward move from $1733 high to $1662 low. Breaking above these levels could set the pace for another increase and in this case, the price could visit the $1780 levels. If ETH fails to climb higher, it could crash even further.

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ETHUSD
Source ETHUSD on TradingView.com

Right now, Ethereum doesn’t have the needed momentum to shoot higher with the first support being near the $1675 level and the trend line. The main support is close to the $1650 level while the MACD for the pair is gaining momentum in the bullish zone.

As recently reported, ETH found support near the $1550 zone and started an upside correction unlike BTC with a  new low forming near the $1545 level before the price climbed back above $1600.

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