HomeAltcoin NewsEthereum Price Analysis: ETH Eyeing Fresh Break above $600

Ethereum Price Analysis: ETH Eyeing Fresh Break above $600

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  • Ethereum price started a fresh increase above $570 and $580 against the US Dollar.
  • ETH price is currently trading above the $585 pivot and the 55 simple moving average (4-hours).
  • There was a break above a crucial contracting triangle with resistance near $570 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to continue higher towards the $608 and $622 resistance levels.

Ethereum price is slowly gaining pace above $580 against the US Dollar. ETH/USD is likely remain in a positive zone unless there is a bearish break below $570.

Ethereum Price Analysis

After a couple of spikes below the $535 zone, Ethereum price started a fresh increase against the US Dollar. ETH price broke the $550 and $555 resistance levels to start a decent upward move.

There was also a break above the key $570 resistance and the 55 simple moving average (4-hours). The price cleared the 50% Fib retracement level of the main downward move from the $608 swing high to $529 swing low.

More importantly, there was a break above a crucial contracting triangle with resistance near $570 on the 4-hours chart. The price settled nicely above the $580 level and the 55 simple moving average (4-hours). It is now trading above the 76.4% Fib retracement level of the main downward move from the $608 swing high to $529 swing low.

Therefore, there are high chances of more gains above the $600 resistance. The next resistance is near the $608 swing high, above which the price could accelerate higher towards the $622 resistance level.

The 1.236 Fib extension level of the main downward move from the $608 swing high to $529 swing low is also near $626. Conversely, the price could correct lower from $595 or $600.

An initial support is near the $580 level. The main support is near the $572 level and the 55 simple moving average (4-hours). A clear break below $572 and $570 could spark a fresh bearish wave in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly showing positive signs above the $570 and $580 levels. Overall, ether price is likely to continue higher towards the $608 and $622 resistance levels.

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 well above the 50 level.

Key Support Levels – $580, followed by the $570 zone.

Key Resistance Levels – $600 and $620.

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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