The ETH price began a fresh rise and rose up over the $540 resistance level. On the hourly ETH/USD chart, there was a break above the connecting bearish trend line with a resistance of nearly $542. Ether’s price even exceeded the $560 resistance mark and was set above the 100-hour simple moving average.
According to newsbtc.com, the price increased more than 8% and the resistance split by $580. A new multi-month high is about $586 and the price is being traded nicely in a positive zone. The first support is close to $578. The recent break-out zone and the Fib-retraction rate of 23,6% of the latest wave scale from $451 to $586.
The next big support is close to the $570 or 50 percent Fib retracement stage of the latest wave from the $451 low to the $586 peak. On the upside, the $585 is a short-term resistance. A strong break over $585 and a recent high could set the scene for a jump to the $600 barrier in the coming sessions. Any additional gains could take Ether to a level of $625.If Ethereum does not break the $585 mark, a minor correction could be made. The first significant support of less than $578 is close to $470. The main support is now close to the $560 level. The cost of ether could be lower than $560 and a connecting bullish trend line on the same chart could contribute to the $540 support.