Ether price has pushed higher testing the $635 resistant zone. ETH formed a significant bullish trendline with $612 as support level on the chart. This was followed by a double top near $635. Statistics show that the price may decline further soon.
Will the Bulls Defeat the Bears?
On the plus side, there is a positive bias against BTC and the USD. The Ether to USD trading pair has shown signs of a short-term correction after it was rejected at $635.
Ether took an upside move from the support zone at $580 all the way to the resistance levels of $600 and #610. It traded higher and got to $630, but it could not retain the traction at $635. At $637, a high was formed, and the price started a new downward correction rally.
It went as low as the 23.6% retracement level gotten from the last rise from $588 to $637. Above the $610 level, there are two significant support levels on the downside. On the ETH/USD hourly chart, there is a bullish trendline at the $612 support level. The 50% retracement level from the last wave from $588 to $637 is preventing further declines at $612. It will be difficult for Ether to experience a downside break that falls below $612 and $610 in the short-term.
From the chart, you'll see that the price was rejected two times near the resistance of $635. So, there is a chance of the price formulating a double top pattern near $635. This can result in more decline below $612.
If the price is to break below $612, then the next support may be at $600.
Traders should look out for the next major support which is $612 and the next significant resistance at $635. From the hourly chart, the MACD is gradually entering the bearish territory, and the relative strength index is moving towards 50.
The next few days of trading are crucial in determining the recommended moves for traders to follow.
Posted from my blog with SteemPress : https://smartereum.com/17195/ethereum-price-analysis-how-is-ethereum-eth-trading-against-the-usd/
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