AnalysisCryptocurrency newsEthereum

Ethereum Price Will Break $ 600! Watch These Levels

Ethereum Price Will Break $ 600! Watch These Levels

Ethereum price is gaining momentum above the $ 565 and $ 575 levels against the US Dollar. According to successful analyst Aayush Jindal, Ethereum price exceeds $ 580 and the bulls seem to be aiming for a $ 600 test in the near term.

  • Ethereum price is trading in a positive zone above the $ 560 support level.
  • The price settled near the $ 580 resistance and well above the 100 hourly simple moving average.
  • There was a break above the bearish trend line linking with resistance near $ 542 on the hourly chart of ETH / USD (data feed via Kraken).
  • The pair could steadily rise towards the $ 595 and $ 600 levels in the near term.

Analyst: Ethereum price could rise towards $ 595 and $ 600 levels

In the weekly analysis,  we discussed the chances of a short-term correction below $ 550 in Ethereum . Ethereum price extended the fall, but dips continued to bid well near the $ 520 and $ 530 levels. The price started a fresh increase and moved above the $ 540 resistance level. There was also a break above a bearish trend line linked with resistance near $ 542 on the hourly chart of ETH / USD. 

Ethereum Price Charts
Ethereum Price Charts

Ethereum price even surpassed the $ 560 resistance level and moved above the 100 hourly simple moving average. The price has risen over 8% and is on the edge of the $ 580 resistance. A new monthly high is formed around $ 586 and the price is trading nicely in a positive zone. The initial support is near the $ 578 level, according to the analyst. This level is near the break zone of the last wave and the 23.6% Fib retracement level.

Here are the levels that Ethereum can see in the coming sessions

The next major support is near the $ 570 level or the 50% Fib retracement level of the last wave, according to the analyst. On the upside, the $ 585 level is a short-term resistance. A clear break above $ 585 and a recent high could pave the way for a move towards the $ 600 barrier in the upcoming sessions, according to the analyst. Further gains could push ETH to the $ 625 level, according to the analyst.

About 100,000 Ethereum Will Be Staked Via Bitcoin Suisse

If Ethereum fails to break the $ 585 level, there could be a minor correction. The first major support below $ 578 is near the $ 470 level, according to the analyst. The main support is currently forming near the $ 560 level (multitouch zone), according to the analyst. A successful close below the $ 560 support level could lead the ETH price towards the $ 540 support and a linked uptrend line on the same chart.

Current outlook of Ethereum price with technical indicators

Hourly MACD: The MACD for ETH / USD is now gaining momentum in the bullish zone.

Hourly RSI: The RSI for ETH / USD is well above the 50 level.

Major Support Level: $ 570.

Major Resistance Level: $ 585.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

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