Ethereum price found support near the $480 level and started a fresh increase against the US Dollar.
ETH price is currently trading well above $585 and the 55 simple moving average (4-hours).
There was a break above a key bearish trend with resistance near $558 on the 4-hours chart (data feed from Coinbase).
The pair is likely to accelerate higher above the $620 and $625 resistance levels.
Ethereum price is gaining momentum above the $585 resistance against the US Dollar. ETH/USD is likely to continue higher above $625 and it could test $650.
Ethereum Price Analysis
There was a strong downside correction from the $622-$623 swing zone in Ethereum price against the US Dollar. ETH price broke the $585 support level to move into a short-term bearish zone.
There was also a break below the $500 level and the 55 simple moving average (4-hours). Finally, the bulls appeared near the $480 support zone. A swing low was formed near $479 and the price started a strong upward move.
There was a break above the $500 and $520 resistance levels. The bulls managed to clear the 50% Fib retracement level of the downward move from the $622 swing high to $479 swing low.
Moreover, there was a break above a key bearish trend with resistance near $558 on the 4-hours chart. Ether is now trading above the $585 resistance and the 55 simple moving average (4-hours). It is also trading above the 76.4% Fib retracement level of the downward move from the $622 swing high to $479 swing low.
Therefore, there are high chances of an upside break above the $620 and $622 levels in the near term. A close above the $625 level could open the doors for a larger increase towards the $650 level.
If there is a downside correction, the price might find support near the $600 level. The first major support is now forming near the $482 and $480 levels.
Looking at the chart, Ethereum price is clearly trading in a nice uptrend above $580 and $585. Overall, ether price is likely to accelerate higher above the $620 and $625 resistance levels unless it dives below $580.
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 60 level.
Key Support Levels – $600, followed by the $580 zone.
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