{"id":452814,"date":"2020-12-22T05:28:46","date_gmt":"2020-12-22T05:28:46","guid":{"rendered":"https:\/\/ktsl888.com\/?p=452814"},"modified":"2024-06-11T08:50:12","modified_gmt":"2024-06-11T08:50:12","slug":"ethereum-eth-could-struggle-near-635","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-eth-could-struggle-near-635\/","title":{"rendered":"TA: Ethereum Stable Above $600, Why ETH Could Struggle Near $635"},"content":{"rendered":"
Ethereum started a sharp decline from well above $650 against the US Dollar. ETH price settled below the key $635 support zone, which may now act as a resistance in the near term.<\/em><\/p>\n After another rejection near $670, Ethereum started a downward move similar to bitcoin<\/a>. ETH broke the $650 support level to start the current decline. There was a clear break below the $620 and $630 support levels.<\/p>\n It opened the doors for more downsides below $610. Ether even spiked below the $600 support level and settled well below the 100 hourly simple moving average<\/a>. A low is formed near the $597 level and the price is currently consolidating losses.<\/p>\n It recovered above the $610 level, and the 23.6% Fib retracement level of the recent decline from the $648 swing high to $597 low. An initial resistance on the upside is near the $620 and $622 levels.<\/p>\n <\/a><\/p>\n The 50% Fib retracement level of the recent decline from the $648 swing high to $597 low is also near $622. The main resistance is now forming near the $630 zone and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $633 on the hourly chart of ETH\/USD.<\/p>\n A clear break above the $630 and $635 resistance levels is must to decrease the current bearish pressure. In the stated case, the price could easily recover towards the $650 and $660 levels.<\/p>\n If ethereum struggles to surpass the $622 and $630 resistance levels, it could continue to move down. An initial support on the downside is near the $605 level.<\/p>\n The first major support is near the $600 level. A close below the $600 and $595 support levels might open the doors for a larger decline towards the $580 and $575 levels in the near term.<\/p>\n Technical Indicators<\/p>\n Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is slowly losing momentum in the bearish zone.<\/p>\n Hourly RSI – <\/strong>The RSI for ETH\/USD is currently just above the 45 level.<\/p>\n Major Support Level \u2013 $600<\/p>\n Major Resistance Level \u2013 $635<\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum started a sharp decline from well above $650 against the US Dollar. ETH price settled below the key $635 support zone, which may now act as a resistance in the near term. Ethereum started a fresh decline and traded below the $620 and $630 support levels. The price is now trading well below $630 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $633 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could correct higher, but it is likely to face sellers near $630 and $635. Ethereum Price is Holding the $600 Support After another rejection near $670, Ethereum started a downward move similar to bitcoin. ETH broke the $650 support level to start the current decline. There was a clear break below the $620 and $630 support levels. It opened the doors for more downsides below $610. Ether even spiked below the $600 support level and settled well below the 100 hourly simple moving average. A low is formed near the $597 level and the price is currently consolidating losses. It recovered above the $610 level, and the 23.6% Fib retracement level of the recent decline from the $648 swing high to $597 low. An initial resistance on the upside is near the $620 and $622 levels. Source: ETHUSD on TradingView.com The 50% Fib retracement level of the recent decline from the $648 swing high to $597 low is also near $622. The main resistance is now forming near the $630 zone and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $633 on the hourly chart of ETH\/USD. A clear break above the $630 and $635 resistance levels is must to decrease the current bearish pressure. In the stated case, the price could easily recover towards the $650 and $660 levels. More Downsides in ETH? If ethereum struggles to surpass the $622 and $630 resistance levels, it could continue to move down. An initial support on the downside is near the $605 level. The first major support is near the $600 level. A close below the $600 and $595 support levels might open the doors for a larger decline towards the $580 and $575 levels in the near term. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly losing momentum in the bearish zone. Hourly RSI – The RSI for ETH\/USD is currently just above the 45 level. Major Support Level \u2013 $600 Major Resistance Level \u2013 $635<\/p>\n","protected":false},"author":67,"featured_media":452817,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[1946,8686,78803],"class_list":["post-452814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n\n
Ethereum Price is Holding the $600 Support<\/h2>\n
Source: ETHUSD on TradingView.com<\/a><\/pre>\n
More Downsides in ETH?<\/h2>\n