Ethereum corrected lower, but continued to bid well above USD 625 against the US dollar. The ETH price is currently climbing and it looks like the resistance will rise above USD 650.
- Ethereum is trading nicely above the USD 620 and USD 630 support levels.
- The price is back above the USD 640 level and the 100 simple hourly moving average.
- A major bullish trendline is forming with support near USD 625 on the ETH / USD hourly chart (data feed via Kraken).
- The pair is showing many positive signs and it could move above USD 650 quickly.
Ethereum price is showing positive signs
After struggling to clear the USD 660 resistance level, Ethereum’s ether corrected lower below the USD 650 level. ETH traded below the USD 640 level and even spiked below USD 630.
However, the bulls were able to produce the $ 620 support zone. A low is formed at $ 622 and the price is currently climbing. It recovered above the USD 630 and USD 635 levels. There was also a break above the 50% Fib retracement level from the recent drop in the swing high from $ 660 to $ 622 low.
Ether is now back above the USD 640 level and the 100 simple hourly moving average. A major bullish trendline is also forming with support near $ 625 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
On the upside, the initial resistance is near the USD 645 level. It is close to the 61.8% Fib retracement level of the recent drop in the swing high from $ 660 to $ 622 low. The main resistance is near the $ 660 level and a connecting bearish trend line on the same chart.
A clear break above the USD 660 resistance level could open the doors for more gains above USD 670. Next major target for the bulls could be $ 700 short-term.
A refreshing dip in ETH?
If ethereum is struggling to move faster than the USD 650 resistance, it could go lower correctly. The first major support on the downside is near the USD 630 level.
The main breakdown support is now forming near the trendline and USD 620. Additional losses may require a test of the USD 600 handle in the coming sessions.
MACD per hour – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH / USD is currently just above the 50 level.
Major Support Level – $ 620
Major Resistance Level – $ 660