Ethereum (ETH) is trading above the $ 600 resistance against the US dollar. ETH price seems to be gearing up for more gains above the $ 625 and $ 630 levels.
Ethereum settled above the $ 600 level on a positive angle. The price traded as high as $ 621 and was well above the 100 hourly simple moving average. According to analyst Aayush Jindal, there is an important rising channel formed with support near $ 602 on the hourly chart of ETH / USD. The pair could rise above $ 625 as long as it trades above the $ 600 support.
Ethereum Price Stays Above $ 600
There has been a steady rise above the $ 580 resistance in Ethereum. ETH price moved above the $ 600 resistance level and well above the 100 hourly simple moving average. The price rose from $ 621 to a new multi-month high and is currently consolidating gains.
The main support appears to be forming near the $ 605, $ 602 and $ 600 levels. There is also an important bullish channel formed with support near $ 602 on the hourly chart of ETH / USD. The channel support is near the 50% Fib retracement level of the recent increase from the $ 582 low to $ 621. On the upside, ETH price is facing hurdles near the $ 620 and $ 625 levels. A clear break above the $ 625 resistance could open the doors for a strong uptrend.
The next major resistance is near the $ 645 and $ 650 levels. Any further rally could drive ETH towards the $ 675 and $ 680 levels in the near term.
Possibility of a Decline in ETH
If Ethereum fails to break the $ 625 resistance level, there could be a minor correction. The first major support below $ 602 and $ 600 is near the $ 592 level. A downside break below the $ 592 support level could initiate a significant decline. In the situation stated, ETH price could perhaps drop towards the $ 550 support level or the 100 hourly simple moving average.
As known today, the amount of Ethereum required for ETH 2.0 has been 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 pricing, others state that the increase occurred independently.
Hourly MACD: The MACD for ETH / USD is slowly losing momentum in the bullish zone.
Hourly RSI: The RSI for ETH / USD is currently correcting lower than the 70 level.
Major Support Level – $ 600
Major Resistance Level: $ 625