Key Highlights
- ETH price remained in a positive zone and dips near $590 were well supported against the US Dollar.
- There is a key bullish trend line in place with support at $602 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to break the $614 resistance for a sustained upside move in the near term.
Ethereum price is moving nicely with bullish moves against the US Dollar and Bitcoin. ETH/USD must clear the $614-615 hurdle for an upside acceleration.
Ethereum Price Support
The past few sessions were mostly positive above the $590 support in ETH price against the US Dollar. The price dipped once towards the $590 support, but declines were limited. Buyers defended losses below the $590 support and the 100 hourly simple moving average. There was a sharp recovery and the price moved back above the $600 pivot level.
At the outset, the price is comfortably placed above the $610 level and the 100 hourly simple moving average. It also settled above the 50% Fib retracement level of the last drop from the $636 swing high to $573 low. On the upside, a break and close above the $614-615 area is needed for further gains. A successful break above this will most likely open the doors for a ride towards $635. On the flip side, if the price moves down, there is a decent support around the $600 level. There is also a key bullish trend line in place with support at $602 on the hourly chart of ETH/USD.
Looking at the chart, the price remains well supported above the $602-605 levels and the 100 hourly SMA. As long as the price is above $602, there could be more gains above the $615 resistance in the near term.
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI – The RSI is moving higher and is currently well above the 50 level.
Major Support Level – $602
Major Resistance Level – $615
