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ETHEREUM PRICE TECHNICAL ANALYSIS – ETH/USD UPSIDE DRIFT

There were heavy gains in ETH price above the $580 level against the US Dollar. The price surged higher and broke many resistances such as $600 and $640 on the way up. A new all-time high was formed at $653.32 from where the price started a downside correction. It has moved below the 23.6% Fib retracement level of the last wave from the $510.76 low to $653.32 high.

On the upside, there is a monster connecting trend line with resistance near $650-660 on the hourly chart of ETH/USD. The same trend line prevented gains above $653 and it might continue to protect gains. On the downside, the 50% Fib retracement level of the last wave from the $510.76 low to $653.32 high is around $582 to act as a support. Moreover, there is a bullish trend line with support at $580 on the same chart. Therefore, the $580 level is a major support zone for the current wave.

Once the current correction is over, the price might move higher towards $653 once again. A break above the mentioned high could open the doors for more gains towards $680 and $700. On the downside, the $580 and $550 levels are good supports and buy zones.

Hourly MACD – The MACD is showing a lot of bullish signs.

Hourly RSI – The RSI is correcting lower from the overbought levels, but it remains in the bullish zone.

Major Support Level – $580

Major Resistance Level – $653

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