After weeks of struggle in the market, it’s time for Ether to make a significant break that will determine whether it will rise above or fall under. The push was capped near the $585.00 resistance with an important breakout pattern formed at $570.00.
Price Analysis for Ethereum
Ethereum is attempting to break the significant $585.00 resistance, and even though it managed to push past the figure, it was unable to hold the gains.
The Ether to Bitcoin pair is rising slowly and may test 0.0800BTC soon. If it succeeds, the pair may go as high as 0.0820BTC.
From the 30 minute Ether to USD chart, the pair is trading above $570.00 and $565.00 support levels. From the upside, buyers are trying to clear the $585.00 resistance while swing highs have formed around $584.00, $585.00, and, $589.00. Even with the resistance, there wasn’t any clear bullish break.
Ether is consolidating its losses above $565.00 as it is preparing for another wave. There is a crucial, bullish trendline in the 2-hour chart of Ether to USD. If there is a break and close below $570.00, ETH may retest $540.00.
There is intermediate support at $547.00 sitting around the 50% fib level from the last wave of $505.69 to $589.21.
If further gains are to be achieved, a close above $585.00 on the two-hour chart is needed. There is an important break pattern with $585 resistance and $570.00 support.
The next trading sessions may be marked by a major break. The market sentiment will be in favor of an upside break if the price stays above $565.00. However, if the price doesn’t pass $585.00, there might be a bearish slump temporarily.
Traders should look out for the resistance levels of $585.00 and $600.00. The significant support levels are $570.00 and $565.00. The MACD is above the bullish zone, and the relative strength index is near the 55 level.