Ethereum rose above $ 650 and $ 660 before correcting the decline against the US Dollar. ETH price will likely continue to be supported. A new increase in ETH towards $ 700 could begin.
ETH price gained momentum after breaking the $ 650 resistance against the US Dollar.
The price is currently correcting lower than $ 670 and is trading well above the 100 simple moving average.
There is an important bullish trend line formed on the 4-hour ETH / USD pair with support near $ 624.
The pair could rise again as long as it trades above the $ 620 support zone.
Ethereum remains in an uptrend
Last week, Bitcoin and Ethereum saw a significant rise against the US Dollar by over $ 600 and $ 20,000 respectively. ETH price even crossed the $ 630 resistance zone and settled well above the 100 simple moving average.
Ethereum price gained pace above the $ 650 resistance and rose to a new annual high above $ 670. Recently, there was a downside correction below the $ 660 and $ 650 levels.
Currently, the bears are attempting a bearish break below a major contract triangle with support near $ 645 on the 4-hour chart of ETH / USD.
The next major support is near the $ 640 level.
On the upside, initial resistance is near the $ 660 level. The first major resistance is located at the $ 665 triangle upper trend line. A successful close above the $ 660 and $ 665 level would likely open the doors for more bullish above $ 670. The next big stop for bulls could be $ 700.
If Ethereum fails to cross the $ 660 and $ 665 resistance levels, it is in short-term downside risk. Initial support is near the $ 640 level.
The main support is formed near the $ 620 level. There is also an important bullish trend line formed with support near $ 624 on the same chart. Further losses could increase the price to $ 600.
- 4-hour MACD – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
- 4 hours RSI – The RSI for ETH / USD is still well above the 50 level.
- Support Level – $ 620.
- Resistance Level – $ 665.