Analysis Technical

Ethereum Price Analysis: ETH/USD Surging Higher

Aayush Jindal | May 30, 2018 | 5:00 am
Ethereum Price Technical Analysis ETH USD
Analysis

Ethereum Price Analysis: ETH/USD Surging Higher

Aayush Jindal | May 30, 2018 | 5:00 am

Key Highlights

  • ETH price started a solid upside move and traded above the $555 barrier against the US Dollar.
  • Yesterday’s highlighted major bearish trend line with resistance at $538 was breached on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now placed nicely above $555 and the 100 hourly simple moving average, which is a positive sign.

Ethereum price is showing positive signs against the US Dollar and Bitcoin. ETH/USD could trade further higher if it stays above the $555 support zone.

Ethereum Price Support

There was a strong buying interest above the $500 handle in ETH price against the US Dollar. It resulted in a sharp upside move and the price traded up by more than $50. The price broke a couple of key resistances such as $520 and $535. More importantly, there was a break above a crucial pivot level at $555. It indicates that the price managed to move back in a positive zone above $550.

Additionally, yesterday’s highlighted major bearish trend line with resistance at $538 was breached on the hourly chart of ETH/USD. The pair is currently trading well above the 50% Fib retracement level of the last decline from the $607 high to $505 low. It seems like the price may continue to move up towards the $580 and $590 levels in the near term. A break above the 76.4% Fib retracement level of the last decline from the $607 high to $505 low is needed for an upside acceleration. Above $590, the price could make an attempt to surpass the $600-607 resistance zone.

Ethereum Price Analysis ETH USD

Looking at the chart, the price remains well supported on the downside above the $555 level. If the price moves down, the 100 hourly SMA and the stated $555 support area likely to act as a strong zones.

Hourly MACD – The MACD is back in the bullish zone.

Hourly RSI – The RSI is moving into the overbought levels above 65.

Major Support Level – $555

Major Resistance Level – $590

Tags: , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the best UK casinos
and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.