The Ethereum price reports an interesting increase of 9.33%, raising the ETH price above $ 577 and apparently close to reaching $ 600.
- The ETH price gained traction recently and moved above the $ 560 level against the US dollar.
- A new connection uptrend trend line is being formed with support at $ 550 on the ETH / USD time chart.
- The pair should break the $ 570 level to get an upward momentum above or towards $ 600 in the short term.
- The price of Ethereum moves slowly up against the US dollar and Bitcoin. ETH / USD must break the obstacle of $ 570 to obtain more profits, with a support of $ 550.
Analysis of the Ethereum price
There was a positive price action in the ETH price above the level of $ 500 against the US dollar. The price managed to move above the resistance level of $ 540, which opened the doors for more profits. It also managed to move above the Fibonacci retracement level of 61.8% of the last decline, from the maximum of $ 610 to the minimum of $ 437. More importantly, there was a slight break above the $ 560 level and the moving average 100 hours simple
At the moment, the price is struggling to break the $ 570 level, which was a previous support. A successful close above the mentioned $ 570 level is needed for buyers to gain speed. On the downside, a new uptrend connection line is being formed with support at $ 550 on the ETH / USD time chart. Below the trend line, the Fibonacci retracement level of 23.6% of the last wave, from the minimum of $ 437 to the maximum of $ 570, is $ 538 to act as support. The price should stay above the $ 538 level if you have to break $ 570.
Below $ 538, the price can prove the 50% retracement level of the last wave, from the minimum of $ 437 to $ 570 maximum to $ 504. The general action of the price is positive and there are chances that ETH breaks the level of $ 570.
- MACD per hour: the MACD is slowing the loss of momentum in the bullish zone.
- RSI per hour: the RSI is well above level 50.
- Main support level: $ 538
- Highest resistance level – $ 570