TA: Ethereum Bullish Despite Recent Chop; What Could Propel it to $1,700

Ethereum is consolidating above $1,550 against the US Dollar. ETH could rally if there is a clear move above the $1,620 resistance zone. Ethereum is trading in a positive zone above the $1,520 and $1,500 support levels. The price is now trading above $1,550 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,560 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it stays above the $1,550 and $1,530 support levels. Ethereum Price Eyes Fresh Increase Ethereum made an attempt to gain strength above the $1,620 resistance and the 100 hourly simple moving average. However, ETH failed to remain stable above $1,620. A high was formed near $1,648 and the price trimmed gains. There was a drop below the $1,580 level and $1,550. A low is formed near $1,535 and the price is now rising. There was a move above the $1,550 resistance. Ether price cleared the 23.6% Fib retracement level of the recent decline from the $1,648 swing high to $1,535 low. It is now trading above $1,550 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,560 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,600 level. It is near the 50% Fib retracement level of the recent decline from the $1,648 swing high to $1,535 low. The next major resistance is now forming near the $1,620 lev...