Ethereum Price Forms Bullish Pattern, Why ETH Could Surge Again

Ethereum started a downside correction from $1,665 against the US Dollar. ETH could start a fresh increase if it stays above the $1,550 support. Ethereum is correcting gains from the $1,650 and $1,665 resistance levels. The price is now trading above $1,550 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $1,550 support zone. Ethereum Price Remains Supported Ethereum remained in a positive zone above the $1,450 and $1,500 resistance levels. ETH gained pace and traded above the $1,550 resistance zone, with a close above the 100 hourly simple moving average. The price cleared the $1,600 resistance and traded to a new multi-week high at $1,664. Recently, there was a downside correction below the $1,620 and $1,600 levels. Ether price even declined below the 23.6% Fib retracement level of the upward move from the $1,485 swing low to $1,664 high. It is now trading above $1,550 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $1,600 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,600 level and the channel trend line zone. The first major resistance is near the $1,650 and $1,665 levels, above which the price could gain bullish momentum. In the stated case, the price...