Ethereum rose above $ 580, launching a steady rise against the US Dollar, similar to Bitcoin. The price is consolidating gains and could smooth the decline in the short term. According to Aayush Jindal’s technical analysis:
- Ethereum gained bullish momentum above the $ 565 and $ 575 levels.
- The price is currently trading above the $ 580 pivot zone and the 100-hour simple moving average.
- The hourly ETH / USD chart has a large upward trend line with support close to $ 579 (according to Kraken data).
- The pair may make a correction, but the $ 580 and $ 575 levels are likely to provide support.
Ethereum (ETH) in the Green Zone
Ethereum began a steady rise after building a support base around $ 535. ETH traded higher to move into positive territory, breaking several key hurdles near the $ 550 level.
The price gained bullish momentum above the $ 565 and $ 575 levels. An upward move allowed the ETH price to even exceed the resistance level of $ 580, well above the 100-hour simple moving average. The price has reached as high as $ 594 and is currently consolidating earnings.
It was a small drop below the $ 585 level. The price was trading even below the 23.6% Fib retreat of the move, which rose from $ 563 to $ 594.
ETH, however, found strong support near $ 582 and $ 580 levels. There is also a large upward trend line in the hourly ETH/USD parity chart with support close to $ 579. The Trend line coincides with the 50% Fib retreat level of the movement from $ 563 to $ 594.
The Bulls face hurdles near the $ 592 and $ 594 levels. There is also a downtrend line linked to resistance of $ 592 on the same chart. The main resistance is still near the $ 600 level. A close above the $ 600 level seems necessary for the continuation of the rise.
Will Ethereum (ETH) fall?
If Ethereum fails to clear the resistance levels of $ 592 and $ 594, it may begin a downward correction. The first support zone is formed near the $ 580 level.
The next big boost is near the $ 578 zone and trend line. A closing price below the Trend line could lead to $ 570 and a 100-hour simple moving average.
- The MACD for hourly MACD – ETH / USD is slowly losing momentum in the bullish zone.
- For hourly RSI – ETH/USD, the RSI is currently recovering towards 50.
- Main support level: $ 580
- Main resistance level: US $ 594