Ethereum is trading nicely above the USD 600 resistance against the US dollar. ETH price appears to be gearing up for more gains above the USD 625 and USD 630 levels.
- Ethereum settled nicely above the USD 600 level, on a positive angle.
- The price traded as high as $ 621 and was well above the 100 simple hourly moving average.
- A major bullish channel is forming with support near USD 602 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could rise further above USD 625 as long as it trades above the USD 600 support.
Ethereum price goes below $ 600
There was a steady rise in Ethereum above the USD 580 resistance while ripple collected more than 50%. ETH price climbed above $ 600 resistance level and it settled well above the 100 simple hourly moving average.
The price traded to a new multi-month high at $ 621 and is currently consolidating gains. An initial support on the downside is near the USD 612 level. It is close to the 23.6% Fib retracement level of the recent rise from the $ 582 swing low to the $ 621 high.
The main support appears to be forming near the USD 605, USD 602 and USD 600 levels. A major bullish channel is also forming with support near USD 602 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
Channel support is near the 50% Fib retracement level of the recent rise from the $ 582 swing low to the $ 621 high. On the upside, the ether price is facing hurdles near the USD 620 and USD 625 levels. A clear break above the USD 625 resistance could open the doors for a surge.
The next big resistance is near the USD 645 and USD 650 levels. Any further upside could lead ether towards the USD 675 and USD 680 levels in the near term.
Dips supported in ETH?
If ethereum fails to break the USD 625 resistance level, a minor correction could take place. The first major supports below USD 602 and USD 600 is near the USD 592 level.
A downside break below the USD 592 support level could cause a significant decline. In the case mentioned, the ether price could perhaps fall towards the USD 550 support level or the 100-hour simple moving average.
MACD per hour – The MACD for ETH / USD is slowly losing momentum in the bullish zone.
RSI per hour – The RSI for ETH / USD is currently correcting lower from the 70 level.
Major Support Level – USD 600
Major Resistance Level – $ 625