- Ethereum price started a fresh increase above $570 and $580 against the US Dollar.
- ETH price is currently trading above the $585 pivot and the 55 simple moving average (4-hours).
- There was a break above a crucial contracting triangle with resistance near $570 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to continue higher towards the $608 and $622 resistance levels.
Ethereum price is slowly gaining pace above $580 against the US Dollar. ETH/USD is likely remain in a positive zone unless there is a bearish break below $570.
Ethereum Price Analysis
After a couple of spikes below the $535 zone, Ethereum price started a fresh increase against the US Dollar. ETH price broke the $550 and $555 resistance levels to start a decent upward move.
There was also a break above the key $570 resistance and the 55 simple moving average (4-hours). The price cleared the 50% Fib retracement level of the main downward move from the $608 swing high to $529 swing low.
More importantly, there was a break above a crucial contracting triangle with resistance near $570 on the 4-hours chart. The price settled nicely above the $580 level and the 55 simple moving average (4-hours). It is now trading above the 76.4% Fib retracement level of the main downward move from the $608 swing high to $529 swing low.
Therefore, there are high chances of more gains above the $600 resistance. The next resistance is near the $608 swing high, above which the price could accelerate higher towards the $622 resistance level.
The 1.236 Fib extension level of the main downward move from the $608 swing high to $529 swing low is also near $626. Conversely, the price could correct lower from $595 or $600.
An initial support is near the $580 level. The main support is near the $572 level and the 55 simple moving average (4-hours). A clear break below $572 and $570 could spark a fresh bearish wave in the near term.
Looking at the chart, Ethereum price is clearly showing positive signs above the $570 and $580 levels. Overall, ether price is likely to continue higher towards the $608 and $622 resistance levels.
Technical indicators
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 50 level.
Key Support Levels – $580, followed by the $570 zone.
Key Resistance Levels – $600 and $620.
