- ETH price is trading with a stable bias above the $540 support against the US Dollar.
- There is a key bullish trend line forming with support at $560 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair has to break the $580 resistance and a bearish trend line to move further higher in the near term.
Ethereum price is slowly grinding higher against the US Dollar and Bitcoin. ETH/USD is positioned nicely above $540 and it may break $580 for further upsides.
Ethereum Price Trend
The past few sessions were mostly positive since ETH price remained above the $540 support against the US Dollar. The price traded as high as $590.54 recently before starting a minor downside correction. It moved down and traded below the 23.6% Fib retracement level of the last wave from the $516 low to $590 high. However, the downside move was protected by the $540 support zone.
Moreover, the 50% Fib retracement level of the last wave from the $516 low to $590 high also acted as a support. At the moment, the price is trading well above the $550 level and the 100 hourly simple moving average. On the downside, there is a key bullish trend line forming with support at $560 on the hourly chart of ETH/USD. The pair is likely to move high as long as above $540. On the upside, there is a connecting bearish trend line with current resistance at $580 on the same chart.
A break above the trend line and resistance at $580 is needed for buyers to take control. The next resistance on the upside could be near the last high at $590. Above $590, the price may perhaps break the $600 level in the near term.
Hourly MACD – The MACD is now back in the bullish zone.
Hourly RSI – The RSI is just below the 60 level.
Major Support Level – $540
Major Resistance Level – $580
Charts courtesy – Trading View