Ethereum price analysis: ETH/USD breaks the ascending channel, signals for selling rally on the rise

  • The zone close to $570 is a pivotal level for Ethereum price.
  • The MACD is indicating red and giving selling signals to the bears.

Ethereum has been attempting to reach higher since the opening of the trading session on Monday. The cryptocurrency is now trading at $576. The price corrected higher than this earlier on today but encountered resistance at $590. Ethereum price seems to have found an untested support level at $570. This zone at $570 is a pivotal level for Ethereum price. Above this level the buyers can expect further gains, on the other hand, below this level, the sellers will have a field day.

In the path of upside momentum, Ethereum will encounter increased resistance at $590 level towards $600. The recent market dip to lows of $452 was an overstretch for Ethereum. This is the reason why price recoil broke above a couple of major support areas at $538 and $550 respectively.

The hourly chart indicates that the major support level is at $538, while the resistance levels to the upside are at $585 and $590. The MACD is indicating red and giving selling signals to the bears. At the same time, the Slow Stochastic Oscillator is moving up strongly to support the diminishing bullish trend.

ETH/USD price hourly chart

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