Ethereum started a downside correction from $ 746, the yearly high against the US Dollar. ETH price is likely to find strong offers near the $ 684 and $ 675 support levels.
Ethereum has moved to a fresh decline from $ 746 annually before starting a downside correction.
The price is currently trading close to $ 700, but is above the 100 hourly simple moving average.
There is a major bullish trend line formed with support near $ 675 on the hourly chart of ETH / USD.
As long as the pair is above $ 684 and $ 675, it can continue to move up.
Ethereum price corrects gains
There have been additional gains above the $ 720 resistance level in Ethereum. ETH price gained momentum above the $ 730 level and settled well above the 100 hourly simple moving average.
The price even climbed above the $ 740 level but failed to test the $ 750 mark. A new annual high was formed around $ 746 before Ethereum price started a downside correction. There was a strong drop in XRP that pulled both Bitcoin and Ethereum down.
The price corrected below the $ 720 support level.
The first key support on the downside is near the $ 684 level. Also, there is a major bullish trend line formed with support near $ 675 on the hourly chart of ETH / USD.
The 100 hour SMA is also close to the trendline support and at $ 670. Further losses could push the price towards the $ 650 support.
New increase in ETH?
If Ethereum stays above the $ 684 support or trend line, it could initiate a new increase. An initial resistance on the upside is near the $ 715 level.
The first major resistance is near the $ 720 level. A clear break above the $ 720 level could perhaps increase the likelihood of a new bullish wave. In the stated situation, Ethereum will most likely test the $ 750 resistance level.
Hourly MACD – The MACD for ETH / USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH / USD is currently below the 50 level.
Support Level: $ 684.
Resistance Level: $ 720.