The price charts indicate that Ether may be enroute for a significant break against the USD. If it is able to close above $610.00 or $620.00, the price of Ether may accumulate more gains.
There are positive signs of recovery around $575 forming a major breakout pattern near $610.00.
Price Analysis for Ether
Ether held hire above the support at $575.00 and recovered firmly above the resistant levels of $592.00 and $600.00. The ETH/BTC trading pair stayed below the 0.0800BTC resistance with a convergence on the hourly chart indicating an upside break past 0.083and 0.0820BTC.
From the 2-hour price chart, the ETH to USD trading pair recovered trading at $600.00 after breaking significant hurdles. It broke above the 50% fib retracement level of the last wave from $628.21 to $576.45.
The upward move was capped at the $612.00 resistance by a bearish trendline. The gains are being consolidated above $600.00 as Ether prepares for the next major break.
Buyers need to gather more momentum to surpass the resistance and move the price back to the recent $628.21 high. If it can cross this level, there will be more gains toward the $650.00 level.
There was a breakout pattern on the 6-hour Ether to USD chart which formed a resistance near $610.00 and $600.00 support. If there is a bullish break and a close above the $610.00 level, the price will surge higher towards $650.00.
On the other hand, if there is a bearish break below $600.00, the price may push lower to $575.00 and $550.00 soon.
Traders should look out for $610.00 and $620.00 as the resistance levels and $600.00 and $585.00 as the important support levels. The relative strength index is lower than 50 and there is a bullish triangle and the MACD is moving toward the bullish zone.
