Ethereum started a decent upward move above $ 620 and $ 630 against the US dollar. ETH price failed to clear $ 640 and is currently struggling to stay above $ 620.
- Ethereum stayed well bid above the $ 590 zone and rebounded above $ 620.
- The price is now consolidating near $ 620 but is below the 100 hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke above a bearish bearish trend line with resistance near USD 625.
- The pair could slide again if it does not stay above the USD 620 support zone.
Ethereum price is struggling to stay above $ 620
After a downward extension, Ethereum found support near the $ 590 zone. ETH was trading at just $ 588 before climbing back above the $ 600 pivot level.
The bulls were able to push the price above the USD 620 resistance level. There was also a break above a bearish bearish trendline with resistance near USD 625 on the ETH / USD hourly chart. Ether even surged above the $ 630 level and 100 hour simple moving average.
However, it failed to clear the zone from $ 638 to $ 640. A high is being formed near $ 639 and the price is currently falling. There was a break below the $ 630 level and the 100 hour simple moving average.
Source: ETHUSD on TradingView.com
The price is trading below the 23.6% fib retracement level of the recent wave from the low of $ 588 to the high of $ 639. Ether is now trading near the broken trendline and the USD 620 support. A downside break below $ 620 could trigger another decline.
The next support is near the $ 612 level or the 50% fib retracement level of the recent wave from the $ 588 low to the $ 639 high. Further losses could lead the price towards $ 600.
New rise in ETH?
If Ethereum stays above the USD 620 support level, it could see another spike. Initial resistance to the upside is near the $ 628 level or the 100-hour SMA.
The first major resistance is near the USD 634 level, followed by the USD 640 zone. A clear break above the $ 640 zone could open the doors for sustained move higher towards the $ 650 and $ 660 levels.
Hourly MACD – – The MACD for ETH / USD is slowly moving into the bearish zone.
Hourly RSI – – The RSI for ETH / USD is currently close to the 50 level.
Main support tier – $ 620
Main Resistance Level – $ 635