coinputin.com – Ethereum gained a bullish momentum and broke the $ 550 resistance. The bulls seem to be targeting $ 600 or $ 620 as the ETH price has gained over 8% in the last 24 hours. According to Aayush Jindal’s technical analysis:
Ethereum started a new high after breaking the $ 530 resistance level.
The price crossed a major hurdle with $ 550 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $ 540 on the hourly chart of ETH / USD (based on Kraken data).
The pair is trading in a positive zone and could rise to $ 600 or $ 620.
Ethereum Price Increases 8%
For Ethereum, the $ 550 resistance is key. ETH price began to follow a steady upward path and broke many hurdles near the $ 540 and $ 550 levels.
Bitcoin price has also risen above $ 18,200 again, helping Ethereum clear the $ 550 resistance. There was also a break above a key bearish trend line with resistance near $ 540 on the hourly chart of ETH / USD. There was also a break above the 50% Fib retracement level of the key drop from $ 623 to $ 478.
The pair settled well above the $ 565 level and the 100 hourly simple moving average. Ethereum tested the $ 590 resistance level. It looks like the bears are holding the 76.4% Fib retracement level of the key drop from $ 623 to $ 478.
Could Retest $ 620
A clear break above the $ 590 level could open the doors for further gains above $ 600. In the case stated, the price is likely to reach the $ 620 resistance or $ 623 level again in the near term. Any further gains could possibly push the price towards the $ 650 level.
There may be a minor downside correction if Ethereum fails to cross the $ 590 resistance level. Initial support is near the $ 580 level.
A downside break below the $ 580 level could require a prolonged decline. The next major support is near the $ 560 and $ 550 levels, followed by the 100 hourly simple moving average. Further losses could push the leading altcoin towards the $ 530 support level.
Hourly MACD – The MACD for ETH / USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH / USD is currently well above the 50 level.
Major Support Level: $ 550
Major Resistance Level: $ 590