Ethereum (ETH) has been trading in green for a while now and it managed to find support at the $525 level showing strong recovery against the USD. There was a significant bullish trendline with $518 support. From all indications, the Ether to USD trading pair will keep trading higher for the next few trading sessions and it may go above the $545 level.
Ethereum (ETH) Price Analysis According to Aayush Jindal from News BTC
The Ether to USD pair is showing strong signs of a bullish outlook and Ethereum is trading positivity against the USD. If Ethereum keeps trading this way, it will accumulate gains up to the $545 and $548 levels soon. The price of Ether initially had a downside correction that was below the $530 level and found support at the $520-525 support zone. There was a decent base near the 50% Fib level of the last swing from $485 and $548. The $520 level and the 10 day simile moving average didn’t experience any break.
Ethereum (ETH) Price Today
Ethereum initiated an upward move and the Ether to USD trading pair moved above the $530 resistance level. The price broke above the 50% Fib level of the last wave from $548 to $517. At the time of writing, the price was trading close to the $545-548 resistance level. If it breaks above this level, more gains will come up to the $555 level in the short-term.
Yesterday, there was a significant bullish trendline that had support at the $518 level and the $525 support level may prevent any further declines.
Ethereum (ETH) Technical Analysis for June 21
From the price chart, the Ether to USD pair is trading well above the $530 level and will most likely pass the $548 level soon. If the trend continues, the price will get to the $555 level.
The MACD on the hourly chart is in the bullish territory and the relative strength index is above 55. The significant support level is at $518 and the significant resistance level is at $548.
The reason for the price hike might be Vitalik Buterin’s recent comment about upcoming upgrades.