Ether climbed above a key resistance against the US dollar. ETH/USD is likely to rise further toward the next hurdles at $600.00 and $610.00.
Ether’s price moved higher and broke a major resistance near $545.00-550.00 against the US dollar.
ETH/USD surpassed a crucial bearish trendline with resistance at $550.00 on the 6-hour chart.
ETH/BTC is holding the 0.0620BTC and 0.0600BTC support levels.
Technically, the 6-hour chart indicators are climbing toward the midlines.
ETH/USD Could Test $600
The past two days were mostly positive as ETH/USD climbed above a couple of key resistance levels. The most recent resistance breach was at $550.00, which has cleared the path for further gains.
On the other hand, there was no major upward move in ETH/BTC but the pair is holding two important support levels: 0.0620BTC and 0.0600BTC.
Let’s start with the 6-hour chart of ETH/USD to understand why the recent upward move is encouraging. After the $454.86 low was formed, the next 6-hour candle overlapped the previous bearish candle. It set the pace for an upswing and the pair surpassed $500.00.
More importantly, the pair broke a crucial bearish trendline with resistance at $550.00. Additionally, the last few candles were positive and suggest a bullish bias from the $454.86 low.
The next hurdle for Ether buyers is near another bearish trendline with current resistance at $605.00. There is also a significant horizontal resistance at $610.00, which was once a support. Thus, the $600.00-610.00 region is a major resistance for the current wave.
Moving down to the 2-hour chart of ETH/USD, the pair broke a consolidation pattern with resistance at $555.00 and a bearish trendline at $545.00. These are positive signs, suggesting that Ether’s price may perhaps rise toward $600.00.
Should Ether correct lower, the $555.00-550.00 range will most likely act as a support. Below $550.00, the price could drop down to the next support at $515.00.
The RSI is flirting with the 50 level.
The MACD has reduced its bearish slope and is poised to move into the bullish zone.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets
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