Ethereum remained in positive territory above $ 580 against the US Dollar, similar to Bitcoin. The price of ETH will likely accelerate its rise after clearing resistance levels of $ 595 and $ 600. According to Aayush Jindal’s technical analysis:
- Ethereum found support near the $ 575 level and began a new increase.
- The price is currently trading above the $ 590 zone and the 100-hour simple moving average.
- On the hourly ETH / USD chart (according to Kraken data), there was a break above the significant downward trend line with resistance close to $ 586.
- The pair could smooth the drop but are likely to attempt a significant upward break above $ 600.
Ethereum (ETH) price gains speed
After testing the $ 595 zone, Ethereum made a lower correction. ETH traded below the $ 580 support level, but the Bulls were able to maintain the $ 575 support zone.
The price fell near the $ 576 level before a new increase began. There was a strong upward movement above the $ 580 and $ 585 levels. On the hourly ETH / USD parity chart, there was also a break above a key downward trend line with resistance close to $ 586.
The price of ETH rose above the $ 590 level and even above the $ 595 level. It hit a month high of around $ 596, and the price is now consolidating gains. The initial support is close to the 23.6% Fib retreat, or $ 590, of the latest increase, which took place from $ 576 to $ 596.
On the same chart, there is a significant upward trend line formed with support around $ 585. The trend line is close to the 50% Fib retreat of the last increase, which occurred from $ 576 to $ 596.
On the other hand, the price is clearly facing strong resistance near the $ 595 level. The current price move suggests that ETH could make another attempt to clear $ 595. The next main resistance is still near the $ 600 level. A close above the $ 600 level could accelerate earnings.
Will Ethereum (ETH) fall?
If Ethereum fails to clear the resistance levels of $ 595 and $ 596, it may begin a downward correction. The first key support area is near the $ 585 level and the trend line.
A trendline support and a downward break below $ 585 could push the price towards the $ 575 support zone. The 100-hour simple moving average is also waiting near the $ 575 zone to provide support.
MACD for hourly MACD – ETH / USD is now gaining momentum in the bullish zone.
For hourly RSI – ETH/USD, the RSI is currently recovering towards 55.
Main support level: $ 585
Main resistance level: $ 595