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Ethereum (ETH) is trading above the $ 600 resistance against the US dollar. The price of ETH appears to be poised for further gains above the $ 625 and $ 630 levels.
Ethereum traded above the $ 600 level on a positive angle. The price traded as low as $ 621 and was well above the 100-hour simple moving average. According to analyst Aayush Jindal, there is a major rising channel formed with support near $ 602 on the ETH / USD hourly chart. The pair could rise above $ 625 as long as it trades above the $ 600 support.
The price of Ethereum remains above $ 600
There has been a steady rise above the $ 580 resistance in Ethereum. The price of ETH has moved above the resistance level of $ 600 and well above the hourly moving average of 100. The price has moved from $ 621 to a new multi-month high and is currently consolidating. earnings.
Major support appears to be forming near the $ 605, $ 602, and $ 600 levels. There is also a major bullish channel formed with support near $ 602 on the ETH / USD hourly chart. The channel’s support is near the 50% Fib retracement level of the recent rise from the low of $ 582 to $ 621. On the upside, the ETH price is facing hurdles near the $ 620 and $ 625 levels. above the $ 625 resistance could open the door to a strong uptrend.
The next big resistance is near the $ 645 and $ 650 levels. Any further rally could lead ETH towards the $ 675 and $ 680 levels in the short term.
Possibility of ETH decline
If Ethereum fails to break out of the $ 625 resistance level, there may be a minor correction. The first major support below $ 602 and $ 600 is near the $ 592 level. A break-down below the $ 592 support level could initiate a significant drop. In the given situation, the price of ETH could possibly drop towards the $ 550 support level or the 100-hour simple moving average.
As known today, the amount of Ethereum required for ETH 2.0 was collected. This means that the ETH 2.0 beacon chain will be launched. While some analysts point to ETH 2.0 as the reason for the price, others say that the increase happened independently.
Technical indicators
MACD Hourly: The MACD for ETH / USD is slowly losing momentum in the bullish zone.
Hourly RSI: The RSI for ETH / USD is currently correcting below the 70 level.
Main Support Level: $ 600
Major Resistance Level: $ 625
