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.