Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Highlights
- ETH price gained traction recently and moved above the $560 level against the US Dollar.
- There is a new connecting bullish trend line forming with support at $550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must break the $570 level to gain upside momentum above or towards $600 in the near term.
Ethereum price is slowly moving higher against the US Dollar and Bitcoin. ETH/USD must break the $570 hurdle for more gains, with support at $550.
Ethereum Price Upside Hurdle
There was a positive price action in ETH price above the $500 level against the US Dollar. The price succeeded in moving above the $540 resistance level, which opened the doors for more gains. It also succeeded in moving above the 61.8% Fib retracement level of the last decline from the $610 high to $437 swing low. More importantly, there was a slight break above the $560 level and the 100 hourly simple moving average.
At the moment, the price is struggling to break the $570 level, which was a support earlier. A successful close above the mentioned $570 level is needed for buyers to gain momentum. On the downside, there is a new connecting bullish trend line forming with support at $550 on the hourly chart of ETH/USD. Below the trend line, the 23.6% Fib retracement level of the last wave from the $437 low to $570 high is at $538 to act as a support. The price must stay above the $538 level if it has to break $570.
Below $538, the price may test the 50% Fib retracement level of the last wave from the $437 low to $570 high at $504. The overall price action is positive and there are chances of ETH breaking the $570 level.
Hourly MACD – The MACD is slowing losing momentum in the bullish zone.
Hourly RSI – The RSI is well above the 50 level.
Major Support Level – $538
Major Resistance Level – $570
Charts courtesy – Trading View
