HomeAltcoin NewsEthereum Price Analysis: ETH Breaks $600, Bulls Could Aim $660

Ethereum Price Analysis: ETH Breaks $600, Bulls Could Aim $660

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  • Ethereum price is gaining pace above the $580 and $600 resistance levels against the US Dollar.
  • ETH price is currently trading well above $600 and the 55 simple moving average (4-hours).
  • There are two key bullish trend lines forming with support near $560 and $520 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to accelerate higher above the $620 and $625 resistance levels.

Ethereum price is trading in a nice uptrend above $600 against the US Dollar. ETH/USD is likely to continue higher and dips could be limited below $600 and $580.

Ethereum Price Analysis

In the past few days, there was a strong increase in Ethereum price above the $500 barrier against the US Dollar. ETH price even broke the $550 resistance level and settled well above the 55 simple moving average (4-hours).

The price is now trading above the $600 level and it traded as high as $621. The current price action is positive and it seems like the bulls are aiming an upside break above the $625 level. The next major resistance sits near the $632 level.

A successful break above the $632 resistance might open the doors for a push towards the $650 and $660 resistance levels in the near term. If there is a downside correction, the $605 level is an initial support.

The 23.6% Fib retracement level of the recent increase from the $549 swing low to $621 high is also near the $605 level. There are also two key bullish trend lines forming with support near $560 and $520 on the 4-hours chart.

The first key support is near the $600 handle, below which the price could test the 50% Fib retracement level of the recent increase from the $549 swing low to $621 high at $585. Any further losses may perhaps lead the price towards the first bullish trend line at $560.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a nice uptrend above $600 and $580. Overall, ether price is likely to accelerate higher above the $620 and $625 resistance levels. If there is a downside correction, the price might find bids near $600 and $580.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 70 level.

Key Support Levels – $605, followed by the $580 zone.

Key Resistance Levels – $625 and $650.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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