Ethereum gains pace above $575 price level against the US dollar and it even surpassed $580 which shows that the bulls are aiming to test the $600 in the near-term so let’s read more in our ETH price news.
Ethereum gains pace in a positive zone above the $560 support level with the price clearing the $580 resistance and settling above the 100 hourly simple moving average. There was also a break above the connecting bearish trend line with the resistance at $542 on the hourly charts of the pair. The pair could rise towards $595 and even $600 in the near-term. In the weekly analysis, the short-term correction in Ethereum below $550 but ETH corrected lower while dips remained near the $520 and the $530 levels. The price started a fresh increase and climbed back above the $540 resistance level with a break above the connecting bearish trend line with the resistance near the $542 on the hourly chart of the pair.
ETH price surpassed the $560 resistance level and even settled above the 100 hourly simple moving average. The price is up over 8% and broke the $580 resistance with a new multi-month high that is formed near $586 and the price traded nicely in the positive zone with the initial support at the $578 level. It’s close to the recent breakout zone and the 23.6% fib retracement level from the recent wave from the $451 low to $586 high. The next major support is also near the $570 level or the 50% fib retracement from the wave at $451 low to $586 high.
The latter serves as a short-term resistance while breaking it could set the stage for a new move towards the $600 barrier in the upcoming sessions. Further gains could even lead towards the $625 level. If ethereum fails to break the $585 level there could be another correction with the first major support below $578 near the $470 level. The main support formed at $560 level with a successful close below the $560 support level that could lead the price towards $540 with a bullish trend line on the same charts that connects these levels.
The hourly MACD for the pair is gaining momentum in the bullish zone while the hourly RSI for the pair is well above the 50 levels.
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