Ethereum Price Analysis: Ether (ETH) May Trade Higher Against the USD in The Coming Days 

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.



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.