ETH Sees Key Technical Correction With Possible Rally To $700

ETH sees key technical correction as it rallied above $650 before correcting lower against the US dollar as the price is likely to remain supported and could even start a fresh increase to the $700 level as we can see in today’s ethereum news.

ETH’s price gained pace after breaking the $650 resistance against the US dollar. The price is now correcting lower from the $670 level and is trading well above the 100 simple moving average with a key bullish trend line forming with the support close to the $624 level on the 4-hour charts of the pair. The pair could increase as long as it is trading above the $620 support zone. Over the past week, BTC and ETH saw a huge rally above $600 and $20,000 against the US dollar so the price even surpassed the $630 resistance zone, settling well above the 100 simple moving average and now ETH sees key technical correction with more chances to rally.

Ethereum’s price gained some pace above the $650 resistance and traded to a new yearly high above $670 with more downsides correction below $660. The price broke the 50% retracement level from the rally at the $632 swing low to the $660 swing high. At the moment, the bears tried to make a downside break below the major contracting triangle with the support of $645 on the 4-hour charts of the ETH/USD. The next key support is nearing the $640 level with a close to the 76.4% fib retracement level from the recent rally at the $632 swing low to the $660 swing high.

The price surpassed the 50% fib retracement level from the rally at $632 swing low to $660 swing high with the bears trying to attempt a downside break below the major contracting triangle with the $645 support level on the 4-hour charts of the pair. The next key support is near the $640 level and got close to the $76.4 Fib retracement level of the rally from the $632 swing low to the $660 swing high. The technical indicators show that the 4-hour MACD for the pair is slowly gaining momentum in the bearish zone with the 4-hour RSI for the pair being well above the 50 level. The major support level is set at $620 and the major resistance level set at $665.