Ether is positioning for a major break against the US dollar. A successful daily close above $610.00 or $620.00 could accelerate gains in ETH/USD.
Ether’s price is showing positive signs after recovering from the $575.00 support against the US dollar.
A significant breakout pattern has formed with resistance near $610.00 on the 6-hour chart of ETH/USD.
ETH/BTC could break the 0.0800BTC resistance to extend the current upward wave.
Technically, the 6-hour chart indicators are about to move back into the bullish territory.
Ether Price Analysis
Yesterday, we discussed how the next move in ETH/USD depends on whether it stays above the $575.00 support. The pair held the support and recovered nicely above the $592.00 and $600.00 resistance levels.
ETH/USD stayed in a range below the 0.0800BTC resistance. There is a convergence forming on the hourly chart, suggesting an upside break above 0.0800BTC and 0.0820BTC.
Looking at the 2-hour chart of ETH/USD, there was a good recovery from the $575.00 support. The price traded higher and broke a few key hurdles, including $600.00. There was also a break above the 50 percent Fibonacci retracement level of the last drop from the $628.21 high to $576.45 low.
However, the upward wave was capped by a bearish trendline with current resistance at $612.00. It seems like the price is consolidating gains above the $600.00 level while it prepares for the next break.
Ether buyers need to gain momentum to surpass the trendline resistance and push the price toward the recent swing high at $628.21. Above this, there could be further gains toward the $650.00 level.
Moving up to the 6-hour chart of ETH/USD, there is a crucial breakout pattern forming with resistance near $610.00 and support at $600.00. Should there be a bullish break and a daily close above $610.00, the price may perhaps surge toward $650.00.
However, a bearish break below $600.00 may possibly push the price back toward the $575.00 and $550.00 support levels in the near term.
Important Resistance Levels
$610.00 and $620.00
Important Support Levels
$600.00 and $585.00
The RSI is just below the 50 level with a bullish angle.
The MACD is slowly moving back in 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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