Ethereum price is consolidating in a contract range above the $ 565 support against the US Dollar. Ethereum price should exceed $ 605 to start a strong upward move above $ 625, according to successful analyst Aayush Jindal.
Ethereum price found support around $ 565 and started a steady recovery against the US Dollar. The price is currently trading above $ 580 and the 100 simple moving average (4 hours). There is a large contract triangle with resistance near $ 602 on the 4-hour chart of ETH / USD (data feed via Kraken). If the pair clears the $ 605 resistance, it could rise to $ 600 or higher.
Successful analyst: Ethereum price is preparing for a major break!
Last week, Bitcoin and Ethereum saw a minor negative correction against the US Dollar below $ 18,800 and $ 580 respectively. ETH price even slid below the $ 572 support, but remained stable above the 100 simple moving average (4-hours). The $ 565 support zone acted as a strong barrier for the bears. A low was formed around $ 561 and the price started a new upward move.
Ether climbed above the $ 575 and $ 580 levels. Also, there was a break above the 50% Fib retracement level of the downside move from $ 625 to $ 561. The price is currently approaching a major resistance area around $ 600. There is also a large contract triangle with resistance near $ 602 on the 4-hour chart of ETH / USD.
Here are the critical levels that Ethereum can see in the coming sessions
Triangle resistance is near the 61.8% Fib retracement level of the downside move from $ 625 to $ 561. Triangle resistance and a successful break above $ 605 are essential to start a strong rise, according to the analyst. Price at $ 620 and above could break the yearly high of $ 636, according to the next major resistance analyst.
If Ethereum fails to cross the $ 600 and $ 605 resistance levels, there is a downside risk. Initial support is near the $ 592 level, according to the analyst. The first major support stands near the $ 590 level and the triangle lower trend line, according to the analyst. A downside break below the triangle support could steer the price towards the $ 565 support and the 100 simple moving average (4 hours), according to the analyst. Current outlook of Ethereum price with technical indicators 4-hour MACD: The MACD for ETH / USD is slowly losing momentum in the bullish zone. 4 hours RSI: The RSI for ETH / USD is showing positive signs and is above the 50 level. Major Support Level: $ 590 Major Resistance Level: $ 605.