Ethereum rose bullishly, breaking the $ 550 resistance against the US dollar. ETH price is up over 8% and it seems like the bulls are aiming for $ 600 or $ 620.
- Ethereum started a fresh spike after breaking the USD 530 resistance level.
- The price exceeded a major hurdle at $ 550 and the 100-hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke above a major bearish trendline with resistance near USD 540.
- The pair is trading in a positive zone and could move higher towards $ 600 or $ 620.
The price of the Ethereum has increased by 8%
In the weekly analysis, we discussed the importance of the USD 550 resistance to Ethereum. ETH price followed a steady upward trend and passed many hurdles near the USD 540 and USD 550 levels.
Bitcoin price also surged above $ 18,200, helping Ether remove the $ 550 resistance. There was also a break above a major bearish trendline with resistance near USD 540 on the ETH / USD hourly chart. There was also a break above the 50% Fib retracement level of the key drop from the high of $ 623 to the low of $ 478.
Source: ETHUSD on TradingView.com
The pair was well above the $ 565 level and the 100 hour simple moving average. Ether tested the resistance level of $ 590. It looks like the bears are protecting the 76.4% fib retracement level of the important fall from the high of $ 623 to the low of $ 478.
A significant break above the $ 590 level could open the doors to further gains above the $ 600 level. In that case, the price is likely to revisit the USD 620 resistance or the USD 623 high in the near future. Further gains could potentially push the price to the $ 650 level.
Dips supported at ETH?
If the Ethereum fails to hit the resistance level of $ 590, there may be a minor downward correction. Initial support is near the $ 580 level (a multi-touch zone).
A downside break below the $ 580 level could require a longer decline. The next big support is near the $ 560 and $ 550 levels, followed by the 100-hour simple moving average. Further losses could cause Ether to hit the $ 530 support level.
Hourly MACD – – The MACD for ETH / USD is slowly losing momentum in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is currently well above the 50 level.
Main support tier – $ 550
Main Resistance Level – $ 590