• Ethereum price started a fresh increase above $570 and $580 against the US Dollar.
  • ETH price is currently trading above the $585 pivot and the 55 simple moving average (4-hours).
  • There was a break above a crucial contracting triangle with resistance near $570 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to continue higher towards the $608 and $622 resistance levels.

Ethereum price is slowly gaining pace above $580 against the US Dollar. ETH/USD is likely remain in a positive zone unless there is a bearish break below $570.

Ethereum Price Analysis

After a couple of spikes below the $535 zone, Ethereum price started a fresh increase against the US Dollar. ETH price broke the $550 and $555 resistance levels to start a decent upward move.

There was also a break above the key $570 resistance and the 55 simple moving average (4-hours). The price cleared the 50% Fib retracement level of the main downward move from the $608 swing high to $529 swing low.

More importantly, there was a break above a crucial contracting triangle with resistance near $570 on the 4-hours chart. The price settled nicely above the $580 level and the 55 simple moving average (4-hours). It is now trading above the 76.4% Fib retracement level of the main downward move from the $608 swing high to $529 swing low.

Therefore, there are high chances of more gains above the $600 resistance. The next resistance is near the $608 swing high, above which the price could accelerate higher towards the $622 resistance level.

The 1.236 Fib extension level of the main downward move from the $608 swing high to $529 swing low is also near $626. Conversely, the price could correct lower from $595 or $600.

An initial support is near the $580 level. The main support is near the $572 level and the 55 simple moving average (4-hours). A clear break below $572 and $570 could spark a fresh bearish wave in the near term.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly showing positive signs above the $570 and $580 levels. Overall, ether price is likely to continue higher towards the $608 and $622 resistance levels.

Technical indicators

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 well above the 50 level.

Key Support Levels – $580, followed by the $570 zone.

Key Resistance Levels – $600 and $620.

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