ETH Consolidated Above $400 But The Rally Isn’t Over Yet

ETH consolidated above $400 price level after it traded to a new monthly high of $675 against the US dollar. The price is now correcting gains but the dips are likely to be limited below $630 as we can see in today’s ethereum price news.

ETH gained bullish momentum after it broke the $620 resistance level with the price surging to the $675 resistance and settled well above the 100 hourly simple moving average with the major bullish trend line forming support zones near the $638 on the hourly chart of the ETH /USD pair with it consolidating gains above $640 which could resume the uptrend move. Yesterday was quite fun for BTC and ETH and Ripple as well as for other altcoins but ETH managed to clear the $620 resistance level and rallied higher above the $635 swing high.

As a result, there was a surge and the price broke the $650 resistance with the coin trading to a new monthly high of $676 and settling above the 100 hourly simple moving average. There was a downside as well at the correction below the $650 level. Now, ETH consolidated above $400 but the bulls remained active above $640 so a new low was eventually formed near $628 and the price is now consolidating the gains. It recovered above the $640 level with a break above the 23.6% fib retracement level from the drop at $676 high to the $628 swing low.

ETH is now facing a strong resistance near the $652 level with the 50% fib retracement level from the recent drop seemingly acting as a major resistance. A clear break above the $652 level could open the doors for another rally with the next major resistance nearing the $458 level followed by the $657. More upsides could call for a test of the $700 level. If ETH continues moving down, the trend line support of the $640 could play a huge role and the next key support is near the $630 level.

A downside break below the $630 support level could lead the price to the $620 support with the 100 hourly simple moving average nearing the $620 to provide support. The hourly MACD for the pair is in the bullish zone while the hourly RSI is close to the 50 levels. Also, we reported that Ethereum gained some bullish momentum after it managed to break the $600 resistance level with the price increasing up by more than 10% and it’s now well above the 100 hourly simple moving average after it managed to break the key contracting triangle with the resistance near $625 on the hourly charts of the pair. ETH/USD could now correct lower from the $652 high but could find support near the $630  level as well.