Ethereum started a strong surge above the $500 resistance against the US Dollar. ETH price traded as high as $562 and it is currently correcting gains.
- ETH price traded to a new multi-month high near $562 against the US Dollar.
- The price is currently correcting lower below $550, but it is well above the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $495 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but dips are likely to remain attractive near $530 or $510.
Ethereum Price is Showing Positive Signs
This past week, bitcoin and ethereum gained bullish momentum above $18,000 and $500 respectively against the US Dollar. ETH price surged further above the $520 resistance and settled well above the 100 simple moving average (4-hours).
The upward move was such that there was a break above a key connecting resistance trend line at $508 on the 4-hours chart of ETH/USD. The pair gained pace and traded above the $540 and $550 levels.
Source:The first key support on the downside is near the $532 and $530 levels. It is close to the 50% Fib retracement level of the recent upward move from the $503 swing low to $562 high.