Similar to Bitcoin, Ethereum started a steady increase against the US Dollar, climbing above $ 580. The price consolidates gains and may correct the fall in the short term. According to Aayush Jindal’s technical analysis:
Ethereum gained bullish momentum above the $ 565 and $ 575 levels.
The price is currently trading above the $ 580 pivot zone and the 100 hourly simple moving average.
There is a major bullish trend line formed with support near $ 579 on the hourly chart of ETH / USD (based on Kraken data).
The pair may correct, but the $ 580 and $ 575 levels are likely to provide support.
Ethereum (ETH) in the Green Field
Ethereum started a steady increase after building a support base of around $ 535. ETH traded higher to move into a positive zone and broke several key barriers near the $ 550 level. The price gained bullish momentum above the $ 565 and $ 575 levels. An upward move allowed the ETH price to break the $ 580 resistance level and move well above the 100 hourly simple moving average. The price reached as high as $ 594 and is currently consolidating earnings.
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 towards the 50 level.
Major Support Level: $ 580
Major Resistance Level: $ 594
P.S: This is not an investment advice