- ETH price surged above the $640 level recently and traded to a new all-time high at $653 against the US Dollar.
- A monster connecting trend line with resistance near $650-660 is preventing gains on the hourly chart of ETH/USD (data feed via SimpleFX).
- On the downside, there is a bullish trend line with support at $580 on the same chart.
Ethereum price is super bullish against the US Dollar and Bitcoin. ETH/USD is correcting from $653, but it remains well supported for more upsides.
Ethereum Price Uptrend
There were heavy gains in ETH price above the $580 level against the US Dollar. The price surged higher and broke many resistances such as $600 and $640 on the way up. A new all-time high was formed at $653.32 from where the price started a downside correction. It has moved below the 23.6% Fib retracement level of the last wave from the $510.76 low to $653.32 high.
On the upside, there is a monster connecting trend line with resistance near $650-660 on the hourly chart of ETH/USD. The same trend line prevented gains above $653 and it might continue to protect gains. On the downside, the 50% Fib retracement level of the last wave from the $510.76 low to $653.32 high is around $582 to act as a support. Moreover, there is a bullish trend line with support at $580 on the same chart. Therefore, the $580 level is a major support zone for the current wave.
Once the current correction is over, the price might move higher towards $653 once again. A break above the mentioned high could open the doors for more gains towards $680 and $700. On the downside, the $580 and $550 levels are good supports and buy zones.
Hourly MACD – The MACD is showing a lot of bullish signs.
Hourly RSI – The RSI is correcting lower from the overbought levels, but it remains in the bullish zone.
Major Support Level – $580
Major Resistance Level – $653
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.