Technically, the 6-hour chart indicators are moving higher into the overbought levels.
ETH/USD is in a Major Uptrend
ETH/USD has been on the upward move for the past three days and it broke many resistances to move into a major bullish trend. It traded close to the $600.00 level today before starting a downward correction.
ETH/BTC also climbed higher during the past few sessions from the 0.0620BTC support. It broke the 0.0680BTC resistance recently, and it may extend gains above the 0.0700BTC level in the near term.
Looking at the 6-hour chart of ETH/USD, the pair consolidated above the $500.00 support for a few sessions before starting an upward move. It climbed higher and broke the $550.00, $565.00, and $580.00 resistance levels.
Ether traded as high as $595.42 before starting a short-term correction. There are many supports sitting on the downside, starting with $580.00. There is also a bullish trendline with support at $570.00 on the 30-minute chart, which is likely to act as a strong buy zone.
Further below $570.00, the $555.00-560.00 zone could act as a key support. The last line of defense for the current uptrend is around a bullish trendline with support at $540.00 on the 6-hour chart.
As long as the price is above $540.00, the current bullish wave remains supported for further acceleration. Should there be a decline below $540.00, there could be a three-wave downward correction in the short term.
To the top side, Ether will most likely make an attempt to climb above $600.00 today, a successful hourly close above which may open the door for a push toward $640.00.