Ethereum started a sharp decline well above $ 650 against the US Dollar. ETH price settled below the $ 635 support zone, which could act as a resistance in the near term. Ethereum started a fresh decline and traded below the $ 620 and $ 630 support levels.

The price is currently trading well below $ 630 and the 100 hourly simple moving average.

There is a major bearish trend line with resistance near $ 633 on the hourly chart of ETH / USD.

The pair can correct higher. However, it is likely to run into sellers around $ 630 and $ 635.

Ethereum price holds support at $ 600

After another rejection close to $ 670, Ethereum initiated a bearish move similar to Bitcoin. ETH broke the $ 650 support level to start the current decline. There was a clear break below the $ 620 and $ 630 support levels.

The price opened the doors for further dips below $ 610. Ethereum even broke below the $ 600 support level and fell well below the 100 hourly simple moving average. A low has formed near the $ 597 level and the price is currently consolidating losses.

Ethereum Price

The main resistance is currently forming near the $ 630 zone and the 100 hourly simple moving average. There is a major bearish trend line with resistance around $ 633 on the hourly chart of ETH / USD.

A clear break above the $ 630 and $ 635 resistance levels is essential to relieve current bearish pressure. In the stated situation, the price could easily recover towards the $ 650 and $ 660 levels.

If Ethereum struggles to break the $ 622 and $ 630 resistance levels, it could continue to decline. The first downside support is near the $ 605 level.

The first major support is located near the $ 600 level. A close below the $ 600 and $ 595 support levels could open the doors for a larger drop towards the $ 580 and $ 575 levels in the near term.

Technical Indicators

  • Hourly MACD – The MACD for ETH / USD is slowly losing momentum in the bearish zone.
  • Hourly RSI – The RSI for ETH / USD is currently just above the 45 level.
  • Support Level – $ 600.
  • Resistance Level: $ 635.
Previous articleWill Ripple’s XRP continue to decline?
Next article“Bitcoin is not the most volatile asset”: Meltem Demirörs

LEAVE A REPLY

Please enter your comment!
Please enter your name here