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 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.
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.