Ethereum experienced correction at lower levels. However, it continued to bid above $ 625 against the US dollar. ETH price is currently bullish and seems set for a rise above the $ 650 resistance. Ethereum is trading above the $ 620 and $ 630 support levels.

The price is above the $ 640 level and the 100 hourly simple moving average.

There is a key bullish trend line formed with support near $ 625 on the hourly chart of ETH / USD.

The pair is showing many positive signs and may soon reach above $ 650.

Ethereum price shows positive signs

After struggling to clear the $ 660 resistance level, Ethereum fell below the $ 650 level. ETH traded below the $ 640 level and even fell below $ 630.

However, the bulls were able to maintain the $ 620 support zone. A low was formed around $ 622 and the price is currently up. ETH recovered above the $ 630 and $ 635 levels.

Ethereum has now moved above the $ 640 level and the 100 hourly simple moving average. There is also an important bullish trend line formed with support near $ 625 on the hourly chart of ETH / USD.

On the upside, initial resistance is near the $ 645 level. The main resistance is near the $ 660 level and there is a bearish trend line on the same chart.

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A clear break above the $ 660 resistance level could open the doors for more bullish above $ 670. The next big target for the bulls could be $ 700 in the near term.

If there are drops in ETH

If Ethereum tries to accelerate above the $ 650 resistance, it could drop correctly. The first major downside support is near the $ 630 level.

Major breakout support is currently forming near the trend line at $ 620. Further losses would likely require testing the $ 600 level in the upcoming sessions.

Technical indicators

  • Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH / USD is currently just above the 50 level.
  • Support Level – $ 620.
  • Resistance Level – $ 660.

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