Ether’s price succeeded in moving above crucial resistances against the US dollar and bitcoin. ETH/USD could now accelerate gains above the $550.00 level.
Ether’s price is climbing and it recently broke the $537.50 high against the US dollar.
There were many bullish breakouts on the 30-minute chart of ETH/USD, signaling uptrend continuation.
ETH/BTC made a nice upward move and traded above the 0.0650BTC resistance.
Technically, the 2-hour chart is indicating an increase in bullish pressure.
ETH/USD Could Surge above $550
Yesterday, we discussed the need for Ether buyers to overcome the $520.00 and $535.00 resistance levels. The pair did move higher, broke the mentioned resistances, and traded to a new monthly high above $545.00.
More importantly, yesterday’s RSI divergence on the hourly chart of ETH/BTC played well. The pair gained bullish momentum and broke a key resistance at 0.0650BTC. The next resistance awaits at 0.0680BTC.
The 30-minute chart of ETH/USD indicates that the pair formed many bullish breakout patterns to build the current uptrend. The recent surge was above the $535.00 resistance, opening the doors for an upward acceleration.
A new monthly high was formed at $545.41 before sellers appeared. There could be a downward correction in the short term but the broken resistance at $535.00 will most likely act as a decent support.
Should there be an extended correction below $535.00, the price may perhaps test the $530.00 support. Moving up to the 2-hour chart of ETH/USD, there are two bullish trendlines forming with support at $526.00 and $510.00. However, the most important support awaits near the $505.00 pivot level.
To the topside, there is a connecting resistance trendline in place at $550.00-552.00. Therefore, the current upward move will possibly face a strong sell zone around $550.00.
Ether’s intraday technical readings indicate that ETH/USD is likely to accelerate further since the momentum indicator is heading north within the bullish territory. Resistances are positioned at $550.00, $552.00, and $565.00.
Important Resistance Levels
$550.00 and $565.00
Important Support Levels
$535.00 and $530.00
The RSI is moving sharply higher toward the 70 level.
The MACD is showing solid bullish signs.
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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