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Key Highlights
- ETH price is currently correcting higher and it is trading near the $600 level against the US Dollar.
- There is a key bearish trend line forming with resistance at $620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair has to move above the $620 and $635 resistances to gain upside momentum in the near term.
Ethereum price remains in a bearish zone against the US Dollar and Bitcoin. ETH/USD could recover, but it may struggle to break the $635 resistance.
Ethereum Price Resistance
After a crucial decline yesterday, there was a correction initiated from the $570 swing low in ETH price against the US Dollar. The price started an upside correction and moved above the $600 level. There was also a break above the 23.6% Fib retracement level of the last downside move from the $702 high to $570 low. However, the upside move was capped by a major resistance near the $620 level.
The mentioned $620 level was a tiny support earlier, and now it acted as a resistance. Moreover, the 38.2% Fib retracement level of the last downside move from the $702 high to $570 low also acted as a major resistance. At the moment, the price is moving lower and hovering near the $600 level. To the topside, there is a key bearish trend line forming with resistance at $620 on the hourly chart of ETH/USD. The bearish trend line is close to the 50% Fib retracement level of the last downside move from the $702 high to $570 low.
Therefore, there are two key hurdles for buyers – $620 and $635. A close above $635 may push the price further higher. On the downside, the $570 level is a decent support followed by the $550 level.
Hourly MACD – The MACD is slightly into the bullish zone.
Hourly RSI – The RSI is currently just below the 50 level.
Major Support Level – $570
Major Resistance Level – $635
Charts courtesy – Trading View
