TA: Ethereum Eyes Fresh Surge, Why ETH Could Surpass $1,700

Ethereum remained well bid above the $1,465 level against the US Dollar. ETH could start a fresh surge if there is a close above the $1,600 resistance. Ethereum corrected lower but the bulls were active near the $1,465 zone. The price is now trading above $1,500 and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $1,520 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh surge if there is a clear move above the $1,600 zone. Ethereum Price Remains Supported Ethereum started a downside correction below the $1,550 level. ETH even traded below the $1,500 support level but the bulls were active near a major support. It tested the $1,465 zone and the 100 hourly simple moving average. There is also a crucial bullish trend line forming with support near $1,520 on the hourly chart of ETH/USD. The pair stayed above the key $1,465 support zone and started another increase. Ether price climbed above the $1,550 resistance zone. There was a move above the 50% Fib retracement level of the downside correction from the $1,622 swing high to $1,464 low. The price is now trading above $1,500 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,585 level. It is near the 76.4% Fib retracement level of the downside correction from the $1,622 swing high to $1,464 low. Source: ETHUSD on TradingView.com The first major resista...