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Ethereum broke the $ 1,450 resistance and moved above $ 1,500 against the US Dollar. ETH price surged to an all-time high at $ 1,550 and is likely to continue to rise further.
Ethereum rose over 10% and overcame many hurdles around $ 1,450 and $ 1,500.
The price is now trading nicely above $ 1,500 and the 100 hourly simple moving average.
There was a break above a short term contract triangle with resistance around $ 1,535 on the hourly chart of ETH / USD.
The pair is likely to rise towards the $ 1,580 and $ 1,600 levels in the near term.
Ethereum price gains momentum
Ethereum finally broke the $ 1,450 resistance zone after forming a support base above $ 1,400. Gates opened for a rise in ETH price above the $ 1,475 and $ 1,500 resistance levels.
Ethereum price surged over 10% and climbed to an all-time high near $ 1,550. Recently, there was a break above a short term contract triangle with resistance around $ 1,535 on the same chart.
It looks like the price is currently struggling to clear the $ 1,550 zone. A clear break above the $ 1,550 and $ 1,555 levels could set the pace for a bigger gain in the coming sessions.
The next main resistance could be the $ 1,600 level, which the bulls are likely to aim for a 5-8% increase over the next 2-3 sessions.
Technical indicators
Hourly MACD – The MACD for ETH / USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH / USD is currently well above the 60 level.
Major Support Level – $ 1,500.
Major Resistance Level – $ 1,555.
