TA: Ethereum Gains Bullish Momentum, Why ETH Could Retest $620
Ethereum gained bullish momentum and broke the $550 resistance against the US Dollar. ETH price is up over 8% and it seems like the bulls are aiming $600 or $620.
Ethereum started a fresh increase after it broke the $530 resistance level.The price surpassed a major hurdle at $550 and the 100 hourly simple moving average.There was a break above a key bearish trend line with resistance near $540 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is trading in a positive zone and it could higher towards $600 or $620.
Ethereum Price is Up 8%
In the weekly analysis, we discussed the importance of the $550 resistance for Ethereum. ETH price started following a steady bullish path, and surpassed many hurdles near the $540 and $550 levels.
Bitcoin price also gained traction above $18,200, helping ether to clear the $550 resistance. There was also a break above a key bearish trend line with resistance near $540 on the hourly chart of ETH/USD. There was also a break above the 50% Fib retracement level of the key decline from the $623 swing high to $478 low.
See more for yourself here (https://www.newsbtc.com/analysis/eth/ethereum-gains-bullish-momentum-620/)