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Key Highlights
- ETH price is holding the $550-555 support area and is currently consolidating against the US Dollar.
- There is a short-term connecting bearish trend line forming with resistance at $570 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is facing many important hurdles on the upside near $500, $605 and $612.
Ethereum price is consolidating losses against the US Dollar and Bitcoin. ETH/USD must settle above the 100 hourly simple moving average and $605 for more upsides.
Ethereum Price Upside Hurdles
There were mostly ranging moves above $555 in ETH price during the past few sessions against the US Dollar. The price tested the $550-555 support area on a couple of occasions, but sellers failed to break the stated zone. At the moment, it seems like the price is consolidating in a range above $555 and is preparing for the next move either above $590 or below $550.
The last swing low was $554.33 from where the price started an upside move. It traded above the 23.6% Fib retracement level of the last drop from the $607.24 high to $554.33 low. However, the upside move was capped by the $575 resistance. There is also a short-term connecting bearish trend line forming with resistance at $570 on the hourly chart of ETH/USD. Above the trend line resistance, the 50% Fib retracement level of the last drop from the $607.24 high to $554.33 low is near $580.
Looking at the chart, the price is facing many hurdles on the upside near $580, $590, 100 hourly SMA and then $612. A proper break and close above $612 could clear the path for buyers to gain traction. On the downside, the $555 and $550 support levels hold a lot of importance in the near term.
Hourly MACD – The MACD is slowly moving into the bullish zone.
Hourly RSI – The RSI is moving higher, but it is still below the 50 level.
Major Support Level – $555
Major Resistance Level – $580
