The price of Ethereum was able to rally above the $620 resistance. It further went to break the resistance around the $625 mark to trade above $630 and the 100 MA.
Major Signals
- Ethereum traded above $590 and recovered to $630
- The price corrected near $620
- ETH/USD could dip again if it falls below the $620 support zone
However, it failed to clear the $638-$640 zone. A high was formed near $639, and the price is currently declining. There was a break below the $630 level and the 100 hourly simple moving average.
Despite the break, ETH failed to clear the $640 region. It formed a high near $639, and the price is on a decline. The price went below the $630 level to trade near $620 support.
ETH/USD might go down again if it doesn't successfully stay over the $620 support area.
Following a downward progression, ETH got support close to the $590 area. Ether sold as $588 before it began a new ride above the $600 core area.
If the pair manages to float above the $620 support, we could witness a fresh surge. There is resistance at the $628, $634, and $640 zones. A break over the $640 may push ethereum to the $660 region.
What do you think of Ethereum's bearish trend? Let's discuss this in the comments.
