{"id":111463,"date":"2021-02-05T11:43:06","date_gmt":"2021-02-05T11:43:06","guid":{"rendered":"https:\/\/precoinnews.com\/?p=111463"},"modified":"2021-02-05T11:43:06","modified_gmt":"2021-02-05T11:43:06","slug":"ta-ethereum-holding-gains-above-1600-why-eth-could-surge-again","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-ethereum-holding-gains-above-1600-why-eth-could-surge-again\/","title":{"rendered":"TA: Ethereum Holding Gains Above $1,600, Why ETH Could Surge Again"},"content":{"rendered":"<p><em>Ethereum started a downside correction from a new all-time high at $1,697 against the US Dollar. ETH price is holding gains above $1,600 and it could start a fresh increase.<\/em><\/p>\n<ul>\n<li>Ethereum started a downside correction below the $1,650 and $1,620 levels.<\/li>\n<li>The price is still trading well above $1,600 and the 100 hourly simple moving average.<\/li>\n<li>There is a key contracting triangle forming with resistance near $1,655 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair is likely to resume higher once it clears the $1,655 and $1,660 resistance levels in the near term.<\/li>\n<\/ul>\n<h2>Ethereum Price Remains Steady<\/h2>\n<p>After setting a new all-time high near $1,697, Ethereum started a short-term downside correction. ETH traded below the $1,650 and $1,620 support levels. There was also a spike below the $1,600 level, but the price recovered quickly.<\/p>\n<p>Ether is now trading well above $1,600 and the 100 hourly simple moving average. The recent swing low was formed near $1,589 before the price climbed above $1,620.<\/p>\n<p>There was a break above the 50% Fib retracement level of the recent decline from the $1,672 high to $1,589 low. It seems like there is a key contracting triangle forming with resistance near $1,655 on the hourly chart of ETH\/USD.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/02\/Ethereum-4.png\"><\/p>\n<p>Source: ETHUSD on TradingView.com<\/p>\n<p>The triangle resistance is close to the 76.4% Fib retracement level of the recent decline from the $1,672 high to $1,589 low. If there is a close above the triangle resistance at $1,655 and $1,660, ether price might start a fresh increase.<\/p>\n<p>In the stated case, it could even surpass the $1,700 level in the near term. The next major resistance for the bulls above $1,700 might be $1,735 (a key fib extension level).<\/p>\n<p>Are you holding ETH? There&rsquo;s a brand new real-time notification system which alerts you of incoming\/outgoing transactions from any address or token contract, offered by Ethplorer.&nbsp; This service is free for all registered Ethplorer users.<\/p>\n<h2>Dips Supported in ETH?<\/h2>\n<p>If Ethereum fails to clear the $1,655 resistance level and the triangle upper trend line, it could correct further lower. On the downside, an initial support is near the triangle lower trend line at $1,585.<\/p>\n<p>A downside break below the triangle support could push the price towards the $1,550 support zone. Any more losses is likely to lead the price towards the $1,500 support region in the coming sessions.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> &ndash; <\/strong>The MACD for ETH\/USD is slowly gaining momentum in the bullish zone.<\/p>\n<p>Hourly RSI<strong> &ndash; <\/strong>The RSI for ETH\/USD is currently just above the 50 level.<\/p>\n<p>Major Support Level &ndash; $1,585<\/p>\n<p>Major Resistance Level &ndash; $1,660<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-holding-gains-above-1600\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum started a downside correction from a<\/p>\n","protected":false},"author":3,"featured_media":111462,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TA: Ethereum Holding Gains Above $1,600, Why ETH Could Surge Again - 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