- ETH price is trading nicely above the $620 support level with positive signs against the US Dollar.
- There is a key bullish trend line forming with support at $610 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains in a decent uptrend and it could soon break $648 for more gains.
Ethereum price is trading with bullish signs against the US Dollar and Bitcoin. ETH/USD is positioned nicely to move above the recent high of $648.
Ethereum Price Bullish Bias
There were further gains in ETH price above the $600 level against the US Dollar. The price was able to move above the $620 and $640 resistance levels and traded as high as $648. Later, there was a slight downside reaction and the price corrected below $640. There was a break below the 23.6% Fib retracement level of the last upside leg from the $593 low to $648 high.
However, the downside move was protected by the $620 support zone. Moreover, the 50% Fib retracement level of the last upside leg from the $593 low to $648 high also acted as a support. It seems like a minor downside correction from the $648 high is complete. ETH price is resuming its upside move and is approaching the $642-648 resistance zone. There is also a key bullish trend line forming with support at $610 on the hourly chart of ETH/USD. As long as the price is above $610-620, it could continue to move higher and it may soon break $648.
Looking at the chart, the price forming a decent uptrend above $600. A successful break above the $648 swing high will most likely push the price above $650. The overall bias is bullish with supports on the downside at $620 and $610.
Hourly MACD – The MACD is about to move back in the bullish zone.
Hourly RSI – The RSI is currently well above the 50 level.
Major Support Level – $610
Major Resistance Level – $648