Ethereum rallied above USD 650 and USD 660 before correcting lower against the US dollar. The ETH price is likely to remain supported and it could start a fresh rise to USD 700.
- ETH price gained pace after breaking the USD 650 resistance against the US dollar.
- The price is currently correcting lower from USD 670 and it is trading well above the simple 100 (4 hours) moving average.
- A major bullish trendline is forming with support near USD 624 on the ETH / USD 4hr chart (data feed via Kraken).
- The pair may see gains again as long as it trades above the USD 620 support zone.
Ether from Ethereum will remain in Uptrend
Last week bitcoin and ethereum saw significant gains of above $ 600 and $ 20,000 against the US dollar, respectively. The ETH price even surpassed the USD 630 resistance zone and it came well above the simple 100 (4 hours) moving average.
Ether price gained pace above the $ 650 resistance and it traded to a new annual high above USD 670. Recently there was a downside correction below the USD 660 and USD 650 levels.
The price broke the 50% Fib retracement level of the recent swing low rally from $ 632 to $ 660 swing high. Right now, the bears are trying to make a downward break below a large contracting triangle with support at $ 645 on the ETH / USD 4-hour chart.
The next key support is near the USD 640 level. It is close to the 76.4% Fib retracement level from the recent rally from the $ 632 swing low to the $ 660 swing high.
Source: ETHUSD on TradingView.com
On the upside, the initial resistance is near the USD 660 level. The first major resistance is near the triangle’s upper trend line at USD 665. A successful close above USD 660 and USD 665 could potentially open the doors for more benefits above USD 670. The next big stop for the bulls could be $ 700.
Dips supported in Ether (ETH)?
If Ethereum fails to clear the USD 660 and USD 665 resistance levels, there is a risk of a short-term decline. An initial support is close to USD 640.
The main support is forming near the USD 620 level. A major bullish trendline is also forming with support near USD 624 on the same chart. Even more losses can drive the price to $ 600.
4 Hour MACD – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
4 Hour RSI – The RSI for ETH / USD is still well above the 50 level.
Major Support Level – $ 620
Major Resistance Level – $ 665