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Key Highlights
- ETH price completed a downside correction near $600 and recovered against the US Dollar.
- There is a monster bullish trend line formed with support at $660 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair remains in a major uptrend and it is likely to accelerate above the $714.52 high in the near term.
Ethereum price is trading with a positive angle versus the US Dollar and Bitcoin. ETH/USD eyes further upsides and a break to a new monthly high.
Ethereum Price Support
There were swing moves this past week above $600 in ETH price against the US Dollar. The price traded as high as $714.52 before starting a downside correction. It faced a strong selling interest, which pushed the price below the $680 and $640 support levels. There was also a break below the 23.6% Fib retracement level of the last bullish wave from the $486 low to $714. It opened the doors for more losses and the price tested the $600 support zone.
However, losses were protected by the $600 support zone. More importantly, a monster bullish trend line with current support at $660 on the 4-hours chart of ETH/USD also acted stopped losses. The pair jumped higher once again and moved above $640 and $660. It is currently trading near the $695 level and it seems like the price may continue to grind higher. The current price action is positive above $660 and a break above $700 is required for more gains. A successful break above the $700 level may call for a push above the $714.52 level in the near term.
The above chart also indicates that the price remains supported above $660. A break below $660 may call for a downside push towards the $620 level.
4-hours MACD – The MACD is back in the bullish zone.
4-hours RSI – The RSI is currently moving nicely with a positive angle above the 55 level.
Major Support Level – $660
Major Resistance Level – $714
