The price of the Ethereum reports an increase of 5.62% raising the price above $ 600 dollars, an upward trend that could surprise us when the markets open on Monday.
- The ETH price was negotiated higher last week and moved above the pivotal level of $ 580 against the US dollar.
- There is a crucial bull trend line with support at $ 575 on the 4-hour ETH / USD chart).
- The pair is currently correcting lower, but is still compatible with the $ 575 level.
The price of Ethereum is back in an uptrend against the US dollar and Bitcoin. ETH / USD sees more gains once the current correction has finished in the short term.
Ethereum price trend
Last week, there was a solid bullish movement from well below $ 500 in ETH price against the US dollar. The price rose more and could break many resistances like $ 550, $ 580 and $ 600. It was quoted up to $ 638 before it faced sales interests. A short-term downward correction is underway and the price has moved below the 23.6% retracement level of the last wave from the minimum of $ 487 to the maximum of $ 838.
However, downward movement found support near the $ 580 level. In addition, the 38.2% Fibonacci retracement level of the last wave from the minimum of $ 487 to the high of $ 838 also acted as support. On the downside, there is a crucial bull trend line with support at $ 575 on the 4-hour ETH / USD chart. Therefore, the pair continues to have good support near the levels of $ 480 and $ 475. As long as the price is above the level of $ 575, it could recover above $ 610. At the moment, it seems that the Price is consolidating above the pivotal level of $ 580 before taking the next step.
The above chart also indicates an unpleasant uptrend from the minimum of $ 487. Therefore, the price may correct some points or consolidate, but it remains a good offer to the downside near $ 475 in the short term.
- MACD of 4 hours: the MACD moves slightly in the bearish zone.
- RSI of 4 hours: the RSI is now moving more towards level 60.
- Main support level: $ 475
- Highest resistance level – $ 635