TA: Ethereum Looks Ready For Another Leg Higher Over $625
Ethereum is trading nicely above the $600 resistance against the US Dollar. ETH price seems to be preparing for more gains above the $625 and USD $630 levels.
- Ethereum settled nicely above the $600 level, with a positive angle.
- The price traded as high as $621 and it settled well above the 100 hourly simple moving average.
- There is a key rising channel forming with support near $602 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further above $625 as long as it is trading above the $600 support.
Ethereum Price Settles Above $600
There was a steady increase in Ethereum above the $580 resistance, while ripple rallied over 50%. ETH price climbed above the $600 resistance level and it settled well above the 100 hourly simple moving average.
The price traded to a new multi-month high at $621 and it is currently consolidating gains. An initial support on the downside is near the $612 level. It is close to the 23.6% Fib retracement level of the recent rise from the $582 swing low to $621 high.
The main support seems to be forming near the $605, $602, and $600 levels. There is also a key rising channel forming with support near $602 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The channel support is near the 50% Fib retracement level of the recent rise from the $582 swing low to $621 high. On the upside, ether price is facing hurdles near the $620 and $625 levels. A clear break above the $625 resistance might open the doors for a strong surge.
The next major resistance is near the $645 and $650 levels. Any further upsides might lead ether towards the $675 and $680 levels in the near term.
Dips Supported in ETH?
If ethereum fails to break the $625 resistance level, there could be a minor correction. The first major support below $602 and $600 is near the $592 level.
A downside break below the $592 support level might start a substantial decline. In the stated case, ether price may perhaps decline towards the $550 support level or the 100 hourly simple moving average.
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 correcting lower from the 70 level.
Major Support Level – $600
Major Resistance Level – $625
OhNoCrypto
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Aayush Jindal, @KhareemSudlow