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HomeAltcoin NewsEthereum Price Analysis: ETH Aims Fresh 2020 High Above $625

Ethereum Price Analysis: ETH Aims Fresh 2020 High Above $625

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  • Ethereum price found support near the $480 level and started a fresh increase against the US Dollar.
  • ETH price is currently trading well above $585 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend with resistance near $558 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to accelerate higher above the $620 and $625 resistance levels.

Ethereum price is gaining momentum above the $585 resistance against the US Dollar. ETH/USD is likely to continue higher above $625 and it could test $650.

Ethereum Price Analysis

There was a strong downside correction from the $622-$623 swing zone in Ethereum price against the US Dollar. ETH price broke the $585 support level to move into a short-term bearish zone.

There was also a break below the $500 level and the 55 simple moving average (4-hours). Finally, the bulls appeared near the $480 support zone. A swing low was formed near $479 and the price started a strong upward move.

There was a break above the $500 and $520 resistance levels. The bulls managed to clear the 50% Fib retracement level of the downward move from the $622 swing high to $479 swing low.

Moreover, there was a break above a key bearish trend with resistance near $558 on the 4-hours chart. Ether is now trading above the $585 resistance and the 55 simple moving average (4-hours). It is also trading above the 76.4% Fib retracement level of the downward move from the $622 swing high to $479 swing low.

Therefore, there are high chances of an upside break above the $620 and $622 levels in the near term. A close above the $625 level could open the doors for a larger increase towards the $650 level.

If there is a downside correction, the price might find support near the $600 level. The first major support is now forming near the $482 and $480 levels.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a nice uptrend above $580 and $585. Overall, ether price is likely to accelerate higher above the $620 and $625 resistance levels unless it dives below $580.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 60 level.

Key Support Levels – $600, followed by the $580 zone.

Key Resistance Levels – $625 and $650.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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