Ethereum is gaining speed above the USD 565 and USD 575 levels against the US dollar. ETH price surpassed USD 580 and it looks like the bulls are aiming for a short term test of USD 600.
- Ethereum is trading in a positive zone above the USD 560 support level.
- The price cleared the USD 580 resistance and settled well above the 100 easy hourly moving average.
- There was a break above a connecting bearish trendline with resistance near $ 542 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could see steady gains towards USD 595 and USD 600 in the near term.
Ethereum price hikes 8%
In the weekly analysis we discussed the chances of one short term correction in Ethereum below USD 550. ETH corrected lower, but dips remained bid well near the USD 520 and USD 530 levels.
The price started to rally again and climbed back above the USD 540 resistance level. There was also a break above a connecting bearish trendline with resistance near USD 542 on the ETH / USD hourly chart. The ether price even surpassed the USD 560 resistance level, reaching above the 100 simple hourly moving average.
Source: ETHUSD on TradingView.com
The price is up more than 8% and broke the USD 580 resistance. A new multi-month high is forming near USD 586 and the price is trading well in a positive zone. An initial support is near USD 578. It is close to the recent breakout zone and the 23.6% Fib retracement level of the recent wave from the low of USD 451 to the high of USD 586.
The next big support is near the USD 570 level or the 50% Fib retracement level of the recent wave from USD 451 low to USD 586 high. On the upside, the USD 585 level is a near term resistance. A clear break above USD 585 and the recent high could pave the way towards the USD 600 mark in the coming sessions. Any further profits ether could move towards the USD 625 level.
Dips supported in ETH?
If ethereum fails to hit the USD 585 level, there could be a minor correction. The first major support below USD 578 is near the USD 470 level.
The main support is now forming near the USD 560 level (a multi-touch zone). A successful close below the USD 560 support level could lead the ether price towards the USD 540 support and a connecting bullish trendline on the same chart.
MACD per hour – The MACD for ETH / USD is now gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH / USD is well above the 50 level.
Major Support Level – $ 570
Major Resistance Level – $ 585