Here Are The Levels You Should Follow Carefully For Ethereum Price
Ethereum price surged to a new monthly high of over $ 675 against the US Dollar.
Here Are The Levels You Should Follow Carefully For Ethereum Price.
Ethereum price surged to a new monthly high of over $ 675 against the US Dollar. Ethereum price is currently correcting gains, but dips are likely to remain below $ 630, according to successful analyst Aayush Jindal.
- Ethereum price gained bullish momentum after breaking the $ 620 resistance level.
- The price surged towards the $ 675 resistance and moved well above the 100 hourly simple moving average.
- There is a major bullish trend line formed with support around $ 638 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair is currently consolidating gains above $ 640 and could continue its upward move, according to the analyst.
Analyst: Ethereum price may continue to move upward
Yesterday, there was an upward movement in Bitcoin, Ethereum, Ripple and other major altcoins. Ethereum price cleared the $ 620 resistance level and rose above the $ 635 level. As a result, there was a strong increase and the price broke the $ 650 resistance. Ethereum rose to a new monthly high at $ 676 and settled well above the 100 hourly simple moving average. Recently, there was a downside correction below the $ 650 level.
However, the bulls remained active above the $ 630 and $ 635 levels. A low of around $ 628 has occurred and the price is currently consolidating gains. ETH recovered above the $ 640 level. There was also a break above the 23.6% Fib retracement level of the last drop from the $ 676 high to $ 628 low. Currently, ETH is facing strong resistance near the $ 652 level. The 50% Fib retracement level of the last drop acts like a major resistance.
Here are the key levels Ethereum can see in the short term.
A clear break above the $ 652 resistance level could open the doors for a new rally, according to the analyst. The next major resistance is near the $ 658 level, followed by $ 675. More advantages could possibly require testing the $ 700 level of ETH, according to the analyst.
If Ethereum continues to decline, trendline support and $ 640 could play a big role. The next key support is near the $ 630 level, according to the analyst. A downside break below the $ 630 support level could steer the price towards the $ 620 support, according to the analyst. The 100-hour simple moving average is also close to $ 620 to provide support, according to the analyst.
Current outlook of Ethereum price with technical indicators
Hourly MACD: The MACD for ETH / USD is slowly losing momentum in the bullish zone.
Hourly RSI: The RSI for ETH / USD is currently near the 50 level.
Major Support Level: $ 630.
Major Resistance Level: $ 652.