Ethereum price analysis: ETH/USD attempting to break above $533, 61.8% Fibo in focus

Ethereum shows resilience above $500.
Bulls need to take the coin above 61.8% Fibo.

Tanya Abrosimova Independent Analyst

Ethereum consolidates gains firmly above $500threshold, which makes the short-term technical picture looks bullish. Once the price is above $533, the bulls will have a chance to take it to $560 (50-EMA, daily chart) and $570 (61.8% Fibo).

ETH/USD gained over 1.5% amid quiet Asian trading as most of the digital currencies snoozed in the ranges. The second largest coin by market value remains bid due to rising interest to ERC20 tokens.

On the hourly chart, ETH/USD is trading in a range limited by $533 on the upside and $500 on the downside. The breakout in either direction will add momentum to the listless trading. Should bears have the upper hand, the coin may dip to $490 (200-EMA, hourly chart) and continue the sell-off towards $430. On the upside, the ultimate bullish target is set at $570.00; it is followed by $600.

ETH/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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