HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

TA: Ethereum Looks Ready For Another Leg Higher Over $625

Altcoins 2020/11/24 06:38 by Aayush Jindal

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.

Ethereum Price

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 MACDThe MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently correcting lower from the 70 level.

Major Support Level – $600

Major Resistance Level – $625

0 Like(s)



You should also read...

Altcoins 16/10/20 07:48 by Aayush Jindal
TA: Ethereum At Risk of A Sharp Decline If It Breaks $365 Support
Ethereum faced a strong rejection above $380 against the US Dollar. ETH price is now at a risk of a sharp decline if it breaks the key $365 support in the near term. Ethereum struggled to gain moment...
Read More
Altcoins 27/10/20 06:48 by Aayush Jindal
TA: Ethereum Recovery Could Fail Near Support Turned Resistance At $400
Ethereum declined 5% and it broke the main $400 support against the US Dollar. ETH price is recovering from the $385 support, but it could face hurdles near $400. Ethereum is down 5% and it broke the...
Read More
Altcoins 13/11/20 06:48 by Aayush Jindal
TA: Ethereum Close Above $470 Could Spark Larger Rally To $500
Ethereum is showing positive signs above the $455 support against the US Dollar. ETH price is likely to surge towards $500 if there is a clear break above $500. Ethereum is slowly gaining pace above ...
Read More
Altcoins 01/12/20 06:28 by Aayush Jindal
TA: Ethereum Holds Strong Above $600, Why ETH Could Surge Above $620
Ethereum started a strong increase and broke the $600 resistance against the US Dollar. ETH price is up over 4% and it could even surge above $625. Ethereum remained in a positive zone and climbed ab...
Read More
Altcoins 17/03/21 06:08 by Aayush Jindal
TA: Ethereum Struggles Near $1,800, Why 100 Is The Key For Fresh Increase
Ethereum is facing a strong resistance near $1,800 against the US Dollar. ETH price must settle above $1,800 and the 100 hourly SMA to move into a bullish zone. Ethereum traded towards the $1,710 sup...
Read More