ETH price found a strong buying interest near $570-572 and recovered nicely against the US Dollar.
There was a break above two key bearish trend lines with resistance near $588 and $591 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is currently trading positively above the $600 handle and the 100 hourly simple moving average.
Ethereum price is back in a positive zone against the US Dollar and Bitcoin. ETH/USD may continue to rise towards the $615 and $620 levels in the near term.
Ethereum Price Support
After a major downside correction below $600, ETH price found support around $570-572 against the US Dollar. The price formed a base, started an upside move and broke the $585 and $590 resistance levels. It also succeeded in clearing the $600 barrier and settled above the 100 hourly simple moving average. The current price action is positive since there was a close above the $600 resistance.
During the upside, there was a break above two key bearish trend lines with resistance near $588 and $591 on the hourly chart of ETH/USD. The pair later broke the 50% Fib retracement level of the last decline from the $635 high to $572 low to place itself in a bullish zone. At present, the price is consolidating gains around the $605 level. An initial resistance is near the 61.8% Fib retracement level of the last decline from the $635 high to $572 low at $611. Above this, the price will most likely surge above the $615 level and it may well test $620.
Looking at the chart, there are a few key supports on the downside near $596 and the 100 hourly SMA. Therefore, if the price corrects lower from the current levels, it may find support near $600 and $595.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is placed well above the 50 level.
Major Support Level – $595
Major Resistance Level – $615