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Key Highlights
- ETH price is slowly moving higher and is holding the $545 support area against the US Dollar.
- There is a key bullish trend line forming with support at $550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $575 and $580 resistance levels to gain upside momentum in the near term.
Ethereum price is moving nicely in a positive zone against the US Dollar and Bitcoin. ETH/USD must stay above the $545 and $540 support levels to hold the bullish bias.
Ethereum Price Trend
After a decent upside move, ETH price faced sellers near the $575 and $580 levels against the US Dollar. The price topped at the $586.87 level and started a downside correction. It declined and moved below the $575 and $560 levels. Moreover, there was a break below the 38.2% Fib retracement level of the last leg from the $503 low to $586 high.
There was also a close below the $550 level and the 100 hourly simple moving average. However, the decline was protected by the $545 support area. More importantly, the 50% Fib retracement level of the last leg from the $503 low to $586 high acted as a strong support. Later, the price started an upside recovery and moved above the $550 level and the 100 hourly SMA. The current momentum is positive and there is a key bullish trend line forming with support at $550 on the hourly chart of ETH/USD. On the upside, the price seems to be facing a major hurdle near $575 and $580.
Looking at the chart, the price may rise further and it could retest the $580 resistance. However, a break above the stated $580 hurdle is required for further gains. On the downside, the price must stay above $545 to avoid a bearish wave towards $520.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is rising towards the 60 level.
Major Support Level – $545
Major Resistance Level – $580
