ETH revisits $650 level after it started a strong surge above $600 and the $620 level against the US dollar as it tested the $650 resistance zone and is now correcting the gains so let’s read more in today’s Ethereum price news.
Ethereum gained some bullish momentum after it managed to break the $600 resistance level with the price increasing up by more than 10% and it’s now well above the 100 hourly simple moving average after it managed to break the key contracting triangle with the resistance near $625 on the hourly charts of the pair. ETH/USD could now correct lower from the $652 high but could find support near the $630 level as well.
After forming a support base, ETH broke the main $595 and the $600 resistance levels but what’s even more important is that the price of BTC surpassed the $20,000 hurdle and surged higher, taking along with it some of the other altcoins. This resulted in a sharp increase in Ethereum’s price for example, as it started trading in the $620 zone. The bulls took over and there was a strong 10% upward and to the $650 level with a break above the key contracting triangle with resistance near the $625 level on the hourly charts of the pair. ETH price spiked above $650 and settled well above its 100 hourly simple moving average.
A new high is formed near the $652 level and the price is now correcting lower. There was a break below the $645 and the $640 levels with the coin testing the 50% fib retracement level from the upwards wave to the $616 low to the $652 high. If there are more downsides, the price could find strong support at the $630 level which is close to the 61.8% fib retracement level from the wave at $616 swing low to $652 high. On the upside, the price is facing a strong hurdle near the $650 level.
As ETH Revisits $650, it could spark another rally and the next key resistance will be set at $680 above which the price will likely test $700. If ETH continues to move down, the $630 areas are quite important but a downside break below these areas could call for a test of the $620 support. The main uptrend support is forming near the $600 zone with more losses that will be able to change the trend line, forming near the $565 zone. the hourly MACD for the pair is slowly losing momentum in the bullish zone while the hourly RSI is correcting lower from the 70 level.
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