Ethereum started a steady increase and climbed above $580 against the US Dollar, similar to bitcoin. ETH price is consolidating gains and it could correct lower in the short-term.
- Ethereum gained bullish momentum above the $565 and $575 levels.
- The price is now trading above the $580 pivot zone and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $579 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but the $580 and $575 levels are likely to provide support.
Ethereum Price Turns Green
After forming a support base near $535, Ethereum started a steady increase. ETH traded higher and broke a few important hurdles near the $550 level to move into a positive zone.
The price gained bullish momentum above the $565 and $575 levels. The upward move was such that ether price even surpassed the $580 resistance level and settled nicely above the 100 hourly simple moving average. It traded as high as $594 and it is currently consolidating gains.Fresh Drop in ETH?
If ethereum fails to clear the $592 and $594 resistance levels, it could start a downside correction. An initial support zone is forming near the $580 level. The next major support is near the $578 zone and the trend line. A close below the trend line could lead the price towards the $570 level and the 100 hourly simple moving average.Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level.
Major Support Level – $580 Major Resistance Level – $594