Key Highlights
- ETH price traded higher this past week and moved above the $580 pivot level against the US Dollar.
- There is a crucial bullish trend line in place with support at $575 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is currently correcting lower, but it remains supported near the $575 level.
Ethereum price is back in an uptrend versus the US Dollar and Bitcoin. ETH/USD eyes further gains once the current correction is over in the near term.
Ethereum Price Trend
This past week, there was a solid upside move from well below $500 in ETH price against the US Dollar. The price surged higher and it was able to break many resistances such as $550, $580 and $600. It traded as high as $638 before it faced selling interest. A short-term downside correction is underway and the price has moved below the 23.6% Fib retracement level of the last wave from the $487 low to $838 high.
However, the downside move found support near the $580 level. Moreover, the 38.2% Fib retracement level of the last wave from the $487 low to $838 high also acted as a support. On the downside, there is a crucial bullish trend line in place with support at $575 on the 4-hours chart of ETH/USD. Therefore, the pair remains well supported near the $480 and $475 levels. As long as the price is above the $575 level, it could bounce back above $610. At the moment, it looks like the price is consolidating above the $580 pivot level before it makes the next move.
The above chart also indicates a nasty uptrend from the $487 swing low. Thus, the price may correct a few points or consolidate, but it remains well bid on the downside near $475 in the near term.
4-hours MACD – The MACD is slightly moving in the bearish zone.
4-hours RSI – The RSI is currently moving lower toward the 60 level.
Major Support Level – $475
Major Resistance Level – $635