Key Highlights
- ETH price started an upside move and recovered above the $640 resistance against the US Dollar.
- There is a major bearish trend line forming with resistance at $674 on the hourly chart of ETH/USD (data feed via Kraken).
- A break above the $674 and trend line hurdle could push the price back in a bullish zone.
Ethereum price jumped back against the US Dollar and Bitcoin. ETH/USD now has to break a major hurdle at $672-674 to gain upside momentum in the near term.
Ethereum Price Barrier
After a sharp downside move, ETH price formed support near $610 against the US Dollar. The price started an upside move and recovered above the $620 and $640 resistance levels. It also succeeded in clearing the 50% Fib retracement level of the last decline from the $700 swing high to $585 swing low. The upside recovery was positive as the price also moved above the $660 level and the 100 hourly simple moving average.
However, there is a crucial barrier just above the $670 level. There is also a major bearish trend line forming with resistance at $674 on the hourly chart of ETH/USD. At the moment, the price is trading near the 76.4% Fib retracement level of the last decline from the $700 swing high to $585 swing low. Thus, a break above the trend line and $674 is needed for more gains in the near term. The next stop for buyers in the mentioned case may be around the $700 level.
Looking at the chart, the current price action is positive above the 100 hourly SMA and $660. Having said that, the price is clearly struggling to break the $674 resistance. If it continues to struggle, there could be a downside reaction back towards the $660 and $640 support levels.
Hourly MACD – The MACD is slightly placed in the bullish zone.
Hourly RSI – The RSI is now back above the 50 level.
Major Support Level – $660
Major Resistance Level – $674
