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