Ethereum corrected lower, but it remained well bid above $ 625 against the US dollar. The price of ETH is currently rising and it looks poised for a rise above the resistance of $ 650.
- Ethereum is trading well above the $ 620 and $ 630 support levels.
- The price is back above the $ 640 level and the 100 hour simple moving average.
- A key uptrend line is forming with support near $ 625 on the ETH / USD hourly chart (data feed via Kraken).
- The pair is showing a lot of positive signs and it could soon climb back above $ 650.
Ethereum price shows positive signs
After struggling to clear the $ 660 resistance level, Ethereum Ether was corrected lower below the $ 650 level. ETH traded below the $ 640 level and even went below $ 630.
However, the bulls were able to protect the $ 620 support area. A low is forming near $ 622 and the price is currently rising. It recovered above the $ 630 and $ 635 levels. There was also a break above the 50% Fib retracement level of the recent swing decline from $ 660 to $ 622.
Ether is now back above the $ 640 level and the 100 hour simple moving average. There is also a key uptrend line forming with support near $ 625 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
On the upside, initial resistance is near the $ 645 level. It is near the 61.8% Fib retracement level of the recent swing drop from $ 660 to the low of $ 622. Major resistance is near the $ 660 level and a downtrend line on the same chart.
A clear break above the resistance level of $ 660 could open the door for further advantages above $ 670. The next major target for bulls might be $ 700 in the short term.
Fresh Dip in ETH?
If Ethereum is struggling to gain ground above the resistance of $ 650, it could gain properly lower. The first major support on the downside is near the $ 630 level.
Major breakout support is now forming near the trendline and $ 620. Any further loss may eventually require a test of the $ 600 handle in future sessions.
Technical indicators
Hourly MACD – MACD for ETH / USD is slowly gaining ground in the bullish zone.
Hourly RSI – The RSI for ETH / USD is currently just above the 50 level.
Major Support Level – $ 620
Major Resistance Level – $ 660
