Ethereum Bears Still battling, Why ETH Could Slip Again

News • 2020/12/13 • by

Ethereum began a reasonable upward motion towards $620 and $630 against the US Dollar. The ETH price struggled to cross $640 and is currently fighting to hold over $620.

Ethereum remained well bid above the $590 zone and recovered above $620.

The price is now consolidating near $620, but it is below the 100 hourly simple moving average.

There was a break above a connecting bearish trend line with resistance near $625 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could slide again if it fails to stay above the $620 support zone.

Ethereum market is fighting to remain over $620

After a downside expansion, Ethereum found help close to the $590 zone. ETH traded as low as $588 before beginning a fresh rise over the $600 pivot mark.

The bulls were able to drive the price beyond a support level of $620.

There was also a split on the hourly ETH/USD chart above the connecting bearish trend line with a resistance of nearly $625. Ether also soared past the $630 mark and the 100 hour simple moving average.

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However, the $638-$640 region was not cleared. A peak is established about $639 and the price is currently falling. There was a break below the $630 mark and a 100-hour simple moving average.

The price is below the 23.6 per cent Fib retracement stage of the latest wave from the $588 low to the $639 peak.

Ether is still moving near the broken trend line and defending $620. A downside fall below $620 could contribute to another downturn.

The next support is close to the $612 or 50 percent Fib retracement stage of the latest wave from the $588 low to the $639 peak. Any more declines could contribute to a price of $600.

Fresh Increase in ETH?

If Ethereum remains above the $620 support mark, a fresh rise may begin. The initial resistance on the upside is equivalent to $628 or 100 hourly SMA.

The first big resistance is close to the $634 mark, followed by the $640 zone. A strong split above the $640 region could open the way for a sustained upward change to the $650 and $660 ranges.