Ethereum (ETH) is About to See “Liftoff” if It Closes Above $580

ETH price found support near $535 and started a steady recovery against the US Dollar. The price is currently trading above $560 and the 100 simple moving average (4-hours). There is a crucial contracting triangle forming with resistance near $570 on the 4-hours chart of ETH/USD (data feed via Kraken).

The pair could rise sharply if there is a clear break above 0 and 0. This past week, bitcoin and ethereum saw a downside extension below ,000 and 0 respectively against the US Dollar. ETH price even spiked below the 0 support and settled below the 100 simple moving average (4-hours).

However, the bulls were able to protect the 0 support zone. A swing low was formed near 5 and the price recently started a steady upward move. There was a clear break above the 0 resistance level.

Ether price also surpassed the 50% Fib retracement level of the downward move from the 8 swing high to 5 swing low. It is now trading near the 0 resistance zone and above the 100 simple moving average (4-hours). There is also a crucial contracting triangle forming with resistance near 0 on the 4-hours chart of ETH/USD.

The triangle resistance is close to the 76.4% Fib retracement level of the downward move from the 8 swing high to 5 swing low. The next major resistance and a key breakout zone sits near the 0 level.

A successful break above the 0 resistance and a follow up move above the 0 level could start a strong increase. The next major resistance is near 0, above which it could rise towards the 0 level.

Fresh Decline in Ether (ETH)?
If Ethereum fails to clear the 0 and 0 resistance levels, there is a risk of another bearish reaction. An initial support is near the 5 level.

The first major support zone sits near the 0 level and the triangle lower trend line. A downside break below the triangle support might lead the price towards the 5 support zone.

Ethereum (ETH) is About to See “Liftoff” if It Closes Above 0, NewsBTC, Dec 14