Ethereum started a decent upward move above $ 620 and $ 630 against the US Dollar. ETH price failed to clear $ 640 and it is currently struggling to stay above $ 620.
- Ethereum remained well bid above the $ 590 zone and recovered above $ 620.
- The price is now consolidating near $ 620, but it is below the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance near $ 625 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could slide again if it fails to stay above the $ 620 support zone.
Ethereum Price is Struggling to Stay above $ 620
After a downside extension, Ethereum found support near the $ 590 zone. ETH traded as low as $ 588 before it started a fresh increase above the $ 600 pivot level.
The bulls were able to push the price above the $ 620 resistance level. There was also a break above a connecting bearish trend line with resistance near $ 625 on the hourly chart of ETH/USD. Ether even surged above the $ 630 level and the 100 hourly simple moving average.
However, it failed to clear the $ 638-$ 640 zone. A high is formed near $ 639 and the price is currently declining. There was a break below the $ 630 level and the 100 hourly 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 $ 588 low to $ 639 high. Ether is now trading near the broken trend line and the $ 620 support. A downside break below $ 620 might spark 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 $ 639 high. Any more losses could lead the price towards the $ 600 level.
Fresh Increase in ETH?
If ethereum stays above the $ 620 support level, it could start a fresh increase. An initial resistance on the upside is near the $ 628 level or the 100 hourly SMA.
The first major resistance is near the $ 634 level, followed by the $ 640 zone. A clear break above the $ 640 zone could open the doors for a sustained upward move 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.
Major Support Level – $ 620
Major Resistance Level – $ 635