Ethereum Price Surges Nearly 15% as Market Momentum Builds

Ethereum’s price has surged nearly 15%, surpassing $1,600 amidst positive market momentum. Key resistance levels are now $1,650 and $1,680, while initial support stands at $1,615. Technical indicators indicate bullish trends but caution for potential corrections is advised.

Ethereum’s price is currently experiencing a notable increase, recently rising above the $1,600 mark. Reportedly, ETH surged by nearly 15% and is now eyeing a breakthrough above the $1,680 resistance. The coin has clearly moved past crucial levels, indicating a good momentum shift in the market.

This upward movement began as Ethereum broke from a base above the $1,380 level, similar to the trajectory Bitcoin took. Major resistance levels were breached at $1,450 and $1,500, with a notable jump taking ETH above $1,550 too. The break from a bearish trend line around the $1,470 mark on ETH/USD shifted sentiment positively.

The price has now reached highs around $1,687, and it’s trading comfortably above $1,550 and even the 100-hourly Simple Moving Average. That said, ETH faces near-term hurdles at the $1,650 level. If it can push past that, the next significant resistance is around $1,680, and if it manages to clear $1,720, a rise toward $1,750 could be on the cards.

However, should Ethereum struggle to breach the $1,650 resistance, a corrective phase might ensue. Initial support is expected around the $1,615 level, followed by more substantial support near $1,580. If prices drop below this level, they could slide further towards $1,535 and even down to the $1,480 range. The support at $1,420 might come into play soon if the downward trend persists.

Looking at the technical indicators, the hourly MACD is gaining momentum, signalling bullish conditions for ETH. Meanwhile, the RSI for ETH/USD sits above the 50 zone, reflecting favourable market conditions. Overall, the overarching trend remains encouraging, but traders should remain cautious of potential dips depending on resistance dynamics.