Why Ethereum (ETH) Looks Set For Another Leg Is Higher Over $ 650

Ethereum corrected lower, but stayed well over $ 625 against the US Dollar. The ETH price is currently rising and looks like a surge above the $ 650 resistance.

  • Ethereum is trading nicely above the $ 620 and $ 630 support levels.
  • The price back is above the $ 640 level and the 100-hour simple moving average.
  • A key bullish trend line is forming with support near $ 625 on the hourly chart of ETH / USD (data feed via Kraken).
  • The pair is showing a lot of positive signs and could soon rally above $ 650.

Ethereum Price Shows Positive Signs

After struggling to clear the $ 660 resistance level, Ethereum ether corrected below the $ 650 level. ETH was trading below the $ 640 level and was even picking below $ 630.

However, the bulls were able to protect the $ 620 support zone. A low is formed near $ 622 and the price is currently rising. It recovered above the $ 630 and $ 635 levels. Break was also above the 50% Fib level of the recent decline from the $ 660 swing high to $ 622 low.

Ether is now back above the $ 640 level and the 100-hour simple moving average. There is also a key bullish trend line forming with support near $ 625 on the hourly chart of ETH / USD.

Source: ETHUSD on TradingView.com

On the upside, initial resistance is near the $ 645 level. It’s near the 61.8% Fib rating level of the recent decline from the $ 660 swing high to $ 622 low. The main resistance is near the $ 660 level and bearish trend line which links on the same chart.

A clear cut above the $ 660 resistance level could open the doors for more than $ 670. The next big target for the bulls could be $ 700 in the near term.

Fresh Dip in ETH?

If ethereum struggles to gain speed above the $ 650 resistance, it could earn lower correctly. The first big support on the downside is near the $ 630 level.

The main breakout support is now forming near the trend line and $ 620. Any other losses may possibly require proof of the $ 600 handle in the coming sessions.

Technical Indicators

MACD per hourThe MACD for ETH / USD is slowly gaining momentum in the bullish zone.

RSI per hourThe RSI for ETH / USD is currently just above the 50 level.

Great Support Level – $ 620

Great Resistance Level – $ 660

Source