{"id":452473,"date":"2020-12-17T05:28:15","date_gmt":"2020-12-17T05:28:15","guid":{"rendered":"https:\/\/wncen.com\/?p=452473"},"modified":"2024-06-11T14:12:05","modified_gmt":"2024-06-11T14:12:05","slug":"ta-ethereum-revisits-650-why-dips-remain-attractive-to-buyers","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ta-ethereum-revisits-650-why-dips-remain-attractive-to-buyers\/","title":{"rendered":"TA: Ethereum Revisits $650, Why Dips Remain Attractive To Buyers"},"content":{"rendered":"<p><em>Ethereum started a strong surge above $600 and $620 against the US Dollar. ETH price tested the $650 resistance zone and it is currently correcting gains.<\/em><\/p>\n<ul>\n<li>Ethereum gained bullish momentum after it broke the $600 resistance level.<\/li>\n<li>The price is up more than 10% and it is now well above the 100 hourly simple moving average.<\/li>\n<li>There was a break above a key contracting triangle with resistance near $625 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair is currently correcting lower from the $652 high, but it might find support near $630.<\/li>\n<\/ul>\n<h2>Ethereum Price Turns Green<\/h2>\n<p>After forming a support base, Ethereum broke the main $595 and $600 resistance levels. More importantly, <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-surges-above-22k\/\" target=\"_blank\" rel=\"noopener \">bitcoin price broke the $20,000 hurdle<\/a> and surged higher. It resulted in a sharp increase in ETH price above the $620 resistance zone.<\/p>\n<p>The bulls took over and there was a strong 10% upward move towards $650. There was also a break above a key contracting triangle with resistance near $625 on the hourly chart of ETH\/USD. \u00a0Ether price even spiked above $650 and settled well above the <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-eth-could-surge-past-600\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>A high is formed near $652 and the price is currently correcting lower. There was a break below the $645 and $640 levels. Ether tested the 50% Fib retracement level of the upward wave from the $616 swing low to $652 high.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Ethereum-14.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-452474\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Ethereum-14.png?resize=1828%2C868\" alt=\"Ethereum Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Ethereum-14.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Ethereum-14.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Ethereum-14.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Ethereum-14.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Ethereum-14.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Ethereum-14.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Ethereum-14.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSD on TradingView.com<\/a><\/pre>\n<p>If there are more downsides, the price might find a strong support at $630. It is close to the 61.8% Fib retracement level of the upward wave from the $616 swing low to $652 high. On the upside, the price is facing a major hurdle near the $650 level.<\/p>\n<p>A successful close above the $650 level could spark another rally. The next key resistance is near $680, above which the price could test $700.<\/p>\n<h2>Dips in ETH?<\/h2>\n<p>If ethereum continues to move down, the $635 and $630 levels are important zones. A downside break below the $630 level might call for a test of the $620 support level.<\/p>\n<p>The main uptrend support is now forming near the $600 level (the recent breakout zone). Any more losses may possibly change the trend line the short term for a test of $565.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is slowly losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is currently correcting lower from the 70 level.<\/p>\n<p>Major Support Level \u2013 $630<\/p>\n<p>Major Resistance Level \u2013 $650<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum started a strong surge above $600 and $620 against the US Dollar. ETH price tested the $650 resistance zone and it is currently correcting gains. Ethereum gained bullish momentum after it broke the $600 resistance level. The price is up more than 10% and it is now well above the 100 hourly simple moving average. There was a break above a key contracting triangle with resistance near $625 on the hourly chart of ETH\/USD (data feed via Kraken). The pair is currently correcting lower from the $652 high, but it might find support near $630. Ethereum Price Turns Green After forming a support base, Ethereum broke the main $595 and $600 resistance levels. More importantly, bitcoin price broke the $20,000 hurdle and surged higher. It resulted in a sharp increase in ETH price above the $620 resistance zone. The bulls took over and there was a strong 10% upward move towards $650. There was also a break above a key contracting triangle with resistance near $625 on the hourly chart of ETH\/USD. \u00a0Ether price even spiked above $650 and settled well above the 100 hourly simple moving average. A high is formed near $652 and the price is currently correcting lower. There was a break below the $645 and $640 levels. Ether tested the 50% Fib retracement level of the upward wave from the $616 swing low to $652 high. Source: ETHUSD on TradingView.com If there are more downsides, the price might find a strong support at $630. It is close to the 61.8% Fib retracement level of the upward wave from the $616 swing low to $652 high. On the upside, the price is facing a major hurdle near the $650 level. A successful close above the $650 level could spark another rally. The next key resistance is near $680, above which the price could test $700. Dips in ETH? If ethereum continues to move down, the $635 and $630 levels are important zones. A downside break below the $630 level might call for a test of the $620 support level. The main uptrend support is now forming near the $600 level (the recent breakout zone). Any more losses may possibly change the trend line the short term for a test of $565. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly losing momentum in the bullish zone. Hourly RSI &#8211; The RSI for ETH\/USD is currently correcting lower from the 70 level. Major Support Level \u2013 $630 Major Resistance Level \u2013 $650<\/p>\n","protected":false},"author":67,"featured_media":452475,"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-452473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>TA: Ethereum Revisits $650, Why Dips Remain Attractive To Buyers<\/title>\n<meta name=\"description\" content=\"Ethereum started a strong surge above $600 and $620. 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Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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