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 resistance is near the $1,600 zone. The main breakout zone is now forming near the $1,620 zone. A clear move above the $1,620 level could start another major increase. The next key barrier is near the $1,700 level, above which the price might rise towards the $1,800 resistance zone.
More Losses in ETH?
If ethereum fails to rise above the $1,585 resistance, it could continue to move down. An initial support on the downside is near the $1,520 zone and the trend line.
A clear move below the trend line support might push the price towards the $1,465 support zone. Any more losses might even push ether price to the $1,375 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,465
Major Resistance Level – $1,585