Ethereum (ETH) Follows Bitcoin! Will the Ascension Continue?

 Similar to Bitcoin, Ethereum started a steady increase against the US Dollar, climbing above $ 580. The price consolidates gains and may correct the fall in the short term. According to Aayush Jindal's technical analysis:


Ethereum gained a bullish momentum above the $ 565 and $ 575 levels.


The price is currently trading above the $ 580 pivot zone and the 100 hourly simple moving average.

There is a major bullish trend line formed with support near $ 579 on the hourly chart of ETH / USD (based on Kraken data).

The pair may correct, but the $ 580 and $ 575 levels are likely to provide support.

Ethereum (ETH) in the Green Field

Ethereum started a steady increase after building a support base around $ 535. ETH traded higher to move into a positive zone and broke several key barriers near the $ 550 level.


The price gained a bullish momentum above the $ 565 and $ 575 levels. An upward move allowed the ETH price to even break the $ 580 resistance level and move well above the 100 hourly simple moving average. The price reached as high as $ 594 and is currently consolidating earnings.


There was a small drop below the $ 585 level. The price traded even below the 23.6% Fib retracement level of the move from the $ 563 high to $ 594 high.

However, ETH found strong support near the $ 582 and $ 580 levels. There is also a major bullish trend line formed with support near $ 579 on the hourly chart of ETH / USD. The trendline coincides with the 50% Fib retracement level of the move from $ 563 to $ 594.


The bulls are facing hurdles near the $ 592 and $ 594 levels. There is also a downtrend line on the same chart linked with resistance at $ 592. The main resistance is still near the $ 600 level. A close above the $ 600 level seems necessary for the continuation of the uptrend.


Will Ethereum (ETH) Fall?

If Ethereum fails to clear the $ 592 and $ 594 resistance levels, it could begin a downside correction. The first support zone is formed near the $ 580 level.


The next major support is near the $ 578 zone and the trend line. A closing price below the trend line could lead to the $ 570 level and the 100 hourly simple moving average.


Technical Indicators

Hourly MACD - The MACD for ETH / USD is slowly losing momentum in the bullish zone.


Hourly RSI - The RSI for ETH / USD is currently correcting towards the 50 level.


Major Support Level: $ 580


Major Resistance Level: $ 594

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