The price of ETH has gone into a short term correcting rally against the USD and Bitcoin. If the rally continues, and Ether holds the $580-$585 support levels, an upward correction may be on the way.
Ethereum Price Today: Current Price of ETH
Ether formed an important bearish trendline yesterday close to $625.00. After days of struggle, the pair managed to move above $600.00 on a psychological level. However, there was resistance along the way, and a top was formed at $628.21 short-term.
The Ether to Bitcoin trading pair also had some noteworthy gains above the 0.0780BTC level. Ether managed to test the resistance at 0.0800BTC. Currently, the price is consolidating at 0.0780BTC.
Price Analysis For Ether
From the 30-minute ETH/USD chart, you’ll find an upside swing just above the resistance at & $600.00. Ether traded above $625.00 but was unable to hold the gains subsequently forming a new high at $628.21. After reaching $628.21, a downward correction started.
The decline led Ether to break a connecting bullish trendline at the $618.00 level as well as the horizontal support at $610.00. It also went below the 50% fib retracement level from the last $590.25 to $628.21.
Currently, the price is trading below $600.00 and has a resistance at around $605.00. There is a broken horizontal support that may prevent the upside move.
The Ether to USD pair has resistance around $605.00, $610.00 as well as $625.00. If the price closes above $625.00 the way will be open for a new wave to $640.00. This will be good news for traders as further gains may be generated after this point.
Traders should look out for $610.00 and $625.00 as the new resistance levels and the significant support levels at $585.00 and $580.00. The relative strength index is near 55 while the MACD is on a bullish slope.
This isn’t the best time to define long term positions. Traders need to be observant and take note of the market trend before making any move long term.