Ethereum price has started an upside correction, and it moved above $590 against the US Dollar. There was a break above a critical bearish trend line with resistance at $592 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now approaching another critical bearish trend line with resistance at $620 on the same chart. Moreover, Ethereum price is slowly moving higher against the US Dollar and Bitcoin. ETH/USD may rise further towards a crucial resistance zone at $620.
Ethereum price Upward momentum:
There were further declines below $580 in ETH price against the US Dollar. The amount traded towards the $540 level where buyers appeared. A low was formed at $543.57 before an upside correction wave was initiated.
However, It seems like the price may rise further above $610 in the near term. However, there is another essential bearish trend line with resistance at $620 on the same chart. The trend line resistance near $620 is close to the 100 hourly simple moving average.
Looking at the chart below, the price has to move above the $620 resistance and the 100 hourly SMA to gain upside momentum. A close above $620 may perhaps push the price towards $640 and $650. On the downside, the $580 level is a decent support, followed by $560.
SMA 50 indicator:
It Shows the bullish momentum for the next few days.
Hourly MACD is now back with the bullish zone.
Hourly RSI is moving higher and is currently placed nicely above the 50 level.
However, Ethereum followers got some good news. Let’s hope the rest of the cryptos will also get an optimistic news very soon.