- ETH price is slowly moving higher and is currently trading above $580 against the US Dollar.
- There is a major bullish trend line forming with support at $580 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is facing a major hurdle on the upside near the $607 level and the 100 simple moving average (4-hours).
Ethereum price is back in a bullish zone versus the US Dollar and Bitcoin. ETH/USD has to gain pace above the $607 and $610 resistance levels to trade further higher.
Ethereum Price Trend
This past week, ETH price was seen struggling near a couple of important resistances around $580 against the US Dollar. The price consolidated for a long time above the $555-560 levels before making an upside move. Starting from the $504.85 low, there was a slow and steady rise above the $530 level. Buyers were able to clear the 50% Fib retracement level of the last decline from the $617 high to $504 low at $560.
At the moment, the price is trading comfortably above the $580 level. It is also above the 76.4% Fib retracement level of the last decline from the $617 high to $504 low at $560. Therefore, there are chances of more gains above the $617 high in the near term. However, there is a strong barrier formed near the $607 level and the 100 simple moving average (4-hours). On the downside, there is a major bullish trend line forming with support at $580 on the 4-hours chart of ETH/USD.
The above chart indicates that the price has to break the $607 resistance and the $617 swing high to trade further higher. Above $617, the price may test the 1.236 Fib extension level of the last decline from the $617 high to $504 low at $643.
4-hours MACD – The MACD is now placed in the bullish zone.
4-hours RSI – The RSI is now well below the 50 level.
Major Support Level – $580
Major Resistance Level – $607