ETH rises steadily with the possibility to surge past $600 as it remained in a positive zone above $580 against the US dollar. Now, the price is likely to speed up higher once it clears the $595 and the $600 resistance levels so let’s read more in today’s ethereum news.
ETH found support near the $575 level and started afresh increase with the price trading above the $590 zone with the 100 hourly simple moving average. There was a break above the key bearish trend line with the resistance at $586 on the hourly charts of the ETH/USD pair. The pair will likely correct lower but it is likely to also try and attempt a crucial upside break above $600. After testing the $595 zone, ETH corrected lower and traded below the $580 support level however, the bulls were able to protect the $575 support zone.
A new swing low was formed near $576 before the price started a fresh increase with a strong upward move above $580 and $585 with a break above the key bearish trend line with resistance at $586 on the hourly charts of the pair. ETH rises steadily above the $590 and spiked above the $595 level with a new monthly high formed near the $596 with the price consolidating the gains. The initial support is near the $590 level or the 23.6% fib retracement level from the recent increase at $576 swing low to $596 high.
There’s also a crucial bullish trend line forming with support of $585 on the same chart with the trend line closing to the 50% fib retracement level of the recent increase at $576 swing low to $596 high. On the upside, the price is facing a strong resistance near the $595 level with the price action suggesting that the coin could make another attempt near the $595 and the next major resistance near the $600 level. Closing above this level will speed up the gains.
If ETH fails to clear the $595 level and the $596 level as well, it could start a downside correction with the first support zone nearing the $585 level and the trend line. A downside break below the trend line support of $585 will push the price to the $575 support zone with the 100 hourly simple moving average waiting near the $575 zone to provide more support. The hourly MACD for the pair is gaining momentum in the bullish zone while the RSI for the pair correcting lower towards the 55 levels with a major support level set at $585.
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