Ethereum Price Analysis: ETH Correcting Gains, $680 Holds The Key

Ethereum price is slowly losing bullish momentum below $720 against the US Dollar. ETH/USD is likely to continue lower, but it could find support near $680 in the coming sessions.

Ethereum Price Analysis

In the past few days, Ethereum gained bullish momentum above the $680 and $700 resistance levels against the US Dollar. ETH price even surged above the $720 level and settled well above the 55 simple moving average (4-hours).

The price traded above the $730 zone and formed a new 2020 high near $748. Recently, it started a downside correction below the $730 and $720 levels. The price is now approaching the $700 support level. It is close to the 23.6% Fib retracement level of the upward move from the $551 swing low to $747 high.

On the downside, there are many important supports forming near the $680 zone. There is also a key bullish trend line forming with support near $680 on the 4-hours chart.

If there is a downside break below the trend line support, the price could continue to move down towards the $650 level. It is close to the 50% Fib retracement level of the upward move from the $551 swing low to $747 high.

Any more losses could lead the price towards the $620 support zone. Conversely, the price could start a fresh increase from $700 or $680. The first major resistance on the upside is near the $720 level. The main resistance I near $740, above which the price test $760 or $775.

Ethereum Price

Looking at the chart, Ethereum price is clearly correcting gains from the $748 high, but it is above the 55 simple moving average (4-hours). Overall, ether price is likely to find a strong buying interest near the $680 and $670 support levels.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now declining towards the 50 level.

Key Support Levels – $680, followed by the $650 zone.

Key Resistance Levels – $720 and $740.

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