Ethereum regains bullish momentum and even broke the $550 resistance against the US dollar. The price is up by 8% and it seems that the bulls are aiming towards the $600 and $620 price range as we are reading more in the Ethereum price news.
Ethereum started a fresh increase and it broke the $530 resistance level with the price surpassing a major hurdle at the 100 hourly simple moving average. There was a break above the key bearish trend line with the resistance near the $450 level on the hourly charts of the pair. The ETH/USD pair is now trading in a positive zone and could shoot higher towards 0 and 0.
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In the weekly analysis, we talked about the importance of the $550 resistance for Ethereum. The ETH price started a strong bullish path and surpassed a few key hurdles close to the $540 and the $550 levels.
Bitcoin’s price gained traction above the $18,200 level and helped ETH to surpass the $550 resistance. There was also a break above the key bearish trend line with the resistance at the $540 level on the hourly charts of the pair. There was also a break above the 50% fib retracement level from the decline at $623 swing high to $478 low. A clear break above the $590 level will open the doors for even more gains above this level and the price could even revisit the $620 resistance or the $623 swing high in the near-term. Further gains could push the ETH price to the $650 level.
If ETH fails to clear the $590 resistance level, there could be a new correction to the downside. The initial support is near the $580 level. A downside break below the $580 level could initiate a new decline and the next major support will be set at the $550 level followed by the 100 hourly simple moving average. Further losses could lead to the $530 support level.
According to the technical indicators, the MACD for the ETH/USD pair is losing momentum in the bullish zone while the hourly RSI for the pair is now well above the 50 level. The major support level is set at $550 while the major resistance level is set at $590, as Ethereum regains bullish momentum.
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