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- ETH / USD is positioned to retest the $ 680- $ 700 area once the $ 620 has been unlocked.
- On the downside, Ethereum’s critical support comes in at $ 550.
ETH / USD traded above $ 600 on Thursday and extended the rally to $ 611 after a period of limited trading. The second largest digital asset hit an intraday high at $ 615 and gained over 2% in the past 24 hours. On a weekly basis, the coin gained over 18%.
ETH leaves a no-trade zone as the bulls have the upper hand
On the hourly chart, ETH has exited a no-trade zone. If the upward momentum is sustained, the price of Ethereum could continue to rally towards the next primary bullish target of $ 680 and the psychological $ 700. A sustainable move above $ 620 is needed to confirm the bullish scenario.
1 hour ETH / USD chart
Intotheblock’s data on In / Out of the Money Around Price points to a local hurdle on approach to $ 620 as nearly 315.00 addresses hold over 726.00 coins. Once cleared, the upward momentum will gain traction with little or no resistance coming.
Ethereum: IOMP data
On the other hand, failing to settle above this barrier will attract more sellers to the market and push the channel’s support price below $ 580. If this is the case, the sell-off could be extended to $. 550, where IOMAP shows stable support with nearly 290,000 addresses holding 8.6 million coins. If this level fails, $ 520 will be in focus.
1 hour ETH / USD chart
On December 1, the Ethereum developers successfully produced the Beacon Chain genesis block and thus initiated the transition to Ethereum 2.0. ETH / USD rallied ahead of the event and hit a recent high of $ 636. The downward correction triggered by the sell the fact scenario pushed the price to $ 563.
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