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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Ethereum Revisits $650, Why Dips Remain Attractive To Buyers

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Ethereum

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Ethereum started a strong surge above $600 and $620 against the US Dollar. ETH price tested the $650 resistance zone and it is currently correcting gains.

  • Ethereum gained bullish momentum after it broke the $600 resistance level.
  • The price is up more than 10% and it is now well above the 100 hourly simple moving average.
  • There was a break above a key contracting triangle with resistance near $625 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently correcting lower from the $652 high, but it might find support near $630.

Ethereum Price Turns Green

After forming a support base, Ethereum broke the main $595 and $600 resistance levels. More importantly, bitcoin price broke the $20,000 hurdle and surged higher. It resulted in a sharp increase in ETH price above the $620 resistance zone.

The bulls took over and there was a strong 10% upward move towards $650. There was also a break above a key contracting triangle with resistance near $625 on the hourly chart of ETH/USD.  Ether price even spiked above $650 and settled well above the 100 hourly simple moving average.

A high is formed near $652 and the price is currently correcting lower. There was a break below the $645 and $640 levels. Ether tested the 50% Fib retracement level of the upward wave from the $616 swing low to $652 high.

Ethereum Price

Source: ETHUSD on TradingView.com

If there are more downsides, the price might find a strong support at $630. It is close to the 61.8% Fib retracement level of the upward wave from the $616 swing low to $652 high. On the upside, the price is facing a major hurdle near the $650 level.

A successful close above the $650 level could spark another rally. The next key resistance is near $680, above which the price could test $700.

Dips in ETH?

If ethereum continues to move down, the $635 and $630 levels are important zones. A downside break below the $630 level might call for a test of the $620 support level.

The main uptrend support is now forming near the $600 level (the recent breakout zone). Any more losses may possibly change the trend line the short term for a test of $565.

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 – $630

Major Resistance Level – $650

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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