Ether has recovered commendably against the USD finding strong interest at $570 and $572. The price broke above key bearish trend lines that formed resistance near $588 and $591.
From all indications, Ether is back to a positive trendline trading above $600. This is above the 100 hourly SMA. In the next few days, Ether may go as high as $620.
Ethereum Price Today: Current Price of ETH
Ether’s Price Analysis
There was a major correction downside near $600 and Ether got support at the $570 level. The price started an upside move, formed a base and broke two resistance levels: $585 and $590. Ether also successfully cleared the barrier at $600 and settled above the 100 hourly SMA. There was a close above the $600 resistance signalling a positive price action.
While the price moved upside, there was a break above $588 and $591, the two significant bearish trend lines. The Ether to USD trading pair subsequently broke the 50% fib level reached during the last decline from $635 to $572. This placed it in a bullish zone.
Currently, the gains are being consolidated around $605 and there is a resistance near the 61.8% fib level of the last wave from $635 to $575 around $611. Apart from this, the price is most likely going to break the $615 level and test $620.
From the price chart of Ether to USD, there are key support levels near $596 and near the 100 hourly simple moving average. If the price goes lower, it may form support near $600 and $595.
The relative strength index is above 50 and the MACD is in a bearish territory. Traders should look out for $595 at the support level and $615 as the resistance level.
The next few trading sessions should be marked with more gains as every sign indicates a bullish trend in the market for Ether. However, the long-term position hasn’t been determined. Traders should not make any long term decisions now until the market trend is more certain.