Ethereum price analysis: ETH/USD rejected again by near-term trend line, but breakout higher appears to be pending, with bulls gunning for a reclaim of $600

• Ethereum has maintained short-term bullish momentum, gaining 3% on Thursday.
• Resistance in the near-term is seen at $579, support eyed at $563, 50MA (1-hour chart).

The Ethereum price was seen up over 3% during the latter stages of Thursday’s session, it continues to test a descending trend line, of which is capping upside. Price action has tested on several occasions the above resistance, given this, it wouldn’t be surprising to see it breakthrough in the near-term.

ETH/USD is heading for its first weekly gain in 3 weeks, largely thanks to the big push seen during the session on Tuesday, where the price had jumped almost 10%. Looking at the 1-hour time frame, there is a pattern that could be interpreted as a bearish pennant.

Technically, momentum is still with the bulls, but if this fails to gather pace and breakout of the above descending trend line, then the bears could swoop back in. Resistance is currently tracking at $579, which if broken, $600 would be reclaimed very quickly. Support is eyed at the below ascending trend line tracking at $563, in proximity to the 50MA on 1-hour time frame.

ETH/USD 60-minute chart