Ethereum was trading at a new monthly high above USD 675 against the US dollar. ETH price is currently correcting gains, but the dips should be below $ 630 in the short term.
- Ethereum gained bullish momentum after breaking the $ 620 resistance level.
- The price rose towards the $ 675 resistance and was well above the 100 hour simple moving average.
- A major bullish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 638.
- The pair is currently consolidating gains above $ 640 and could resume its uptrend.
Prize wins in Ethereum
Yesterday there was a massive upward trend in Bitcoin, Ethereum, Ripple and other major altcoins. ETH broke the key resistance level of $ 620 and rose above the high of $ 635.
As a result, there was a sharp rise and the price broke the USD 650 resistance. Ether was trading at a new monthly high of $ 676, well above the simple 100-hour moving average. Recently there has been a downside revision below the $ 650 level.
However, the bulls remained active above the $ 630 and $ 635 levels. A low is being formed near $ 628 and the price is currently consolidating gains. It rebounded above the $ 640 level. There was also a break above the 23.6% fib retracement level of the recent decline from the $ 676 high to the $ 628 lows.
Source: ETHUSD on TradingView.com
It is now facing strong resistance near the $ 652 level. The 50% fib retracement level of the recent decline from the high of $ 676 to the low of $ 628 appears to act as a major resistance.
A sharp break above the USD 652 resistance level could open the doors to a new rally. The next major resistance is near the $ 658 level, followed by the $ 675 level. Other benefits could potentially require a test of the $ 700 level.
More dips at ETH?
If Ethereum continues to move lower, trendline support and USD 640 could play an important role. The next major support is near the USD 630 level.
A downtrend below the USD 630 support level could move the price towards USD 620. The 100 hour simple moving average is also close to $ 620 to provide support.
Hourly MACD – – The MACD for ETH / USD is slowly losing momentum in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is currently close to the 50 level.
Main support tier – $ 630
Main Resistance Level – $ 652