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.
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
