Ethereum (ETH) price analysis: December 17, 2020

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Ethereum (ETH) launched a strong rise against the US dollar of $ 600 and above $ 620. The ETH price has tested the resistance zone of $ 650 and is currently adjusting for gains.

Ethereum gained bullish momentum after breaking the $ 600 resistance level. The price has risen by more than 10% and is now well above the 100-hour simple moving average.
On the hourly ETH / USD chart, there was a break above the resistant lock Triangle close to $ 625. The pair are currently recovering at less than $ 652, but could find support close to $ 630.

Ethereum Price Goes Green
After building a support base, Ethereum broke resistance levels of $ 595 and $ 600. More importantly, the price of Bitcoin has crossed the $ 20,000 barrier and soared. It caused a sharp increase in the price of ETH above the resistance zone of $ 620.

The Bulls took over and it was a strong 10% increase towards $ 650. On the hourly ETH / USD parity chart, there was also a break above a significant triangle with resistance close to $ 625. In fact, the price of Ethereum rose above $ 650, well above the 100-hour simple moving average.

A high of around $ 652 has occurred, and the price is currently being adjusted at a lower level. It was a break below the $ 645 and $ 640 levels. If there are more drawbacks, the price could find a strong support at $ 630. In the incremental direction, the price faces a big hurdle near the $ 650 level.

A successful close above the $ 650 level could spark another rally. The next key resistance is close to $ 680, above which the price can test $ 700.

Any chance of a drop in ETH?
If Ethereum continues to fall, the $ 635 and $ 630 levels are key areas. A negative break below the $ 630 level may require testing of the $ 620 support level. The main bullish trend support is currently forming near the $ 600 level (the final breakout zone). More losses could change the trend line in the short term for a $ 565 test.

Technical Indicators
Hourly MACD: the MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI: the RSI for ETH/USD is currently recovering from a level below 70.

Main support level: $ 630.

Main resistance level: $ 650.

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