After a downward correction below $ 530, the ETH price tested the $ 520-525 support zone and recovered. A good base was formed around 50% of the Fibonacci retracement level. More importantly, the exchange rate did not fall below $ 520 and the 100-hour simple moving average.
A new upward wave began, and the price rose above the resistance of $ 530. A breakthrough occurred above the 50% Fibonacci retracement level of the last decline from a high of $ 548 to a low of $ 517. At the moment, the price is trading near the main resistance zone and testing levels of $ 545-548. Breaking and closing above them will open the door for greater opportunities above $ 555 in the near future.
The graph shows the coin is traded with a positive bias above $ 530.
Sentry MACD – MACD returned to the bull zone
Sentry RSI – RSI is above level 55
Main support level – $ 518
Main level resistance – $ 548