Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum is trading in a range below the $600 and $602 resistance levels against the US Dollar. ETH price could start a strong surge if there is a successful close above $600.
- Ethereum is facing a strong resistance near the $600 and $602 levels.
- The price is consolidating above the $585 support and below the 100 hourly simple moving average.
- There is a crucial bearish trend line forming with resistance near $598 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a strong rally if there is a successful close above the $600-$602 region.
Ethereum Price is Setting Up for the Next Break
There were mostly range moves in Ethereum above the $585 support, similar to bitcoin. ETH price traded as high as $607 before it started a minor decline within a range.
There was a break below the $600 support level and the 100 hourly simple moving average. Ether price even broke the 23.6% Fib retracement level of the upward wave from the $565 swing low to $607 swing high.
However, the price found a strong buying interest near the $585 level. The bears made a couple of attempts to clear the $585 support, but they failed. The 50% Fib retracement level of the upward wave from the $565 swing low to $607 swing high is also near $585 and providing support.
Source: ETHUSD on TradingView.com
On the upside, ether price is facing a strong resistance near the $600 and $602 levels. There is also a crucial bearish trend line forming with resistance near $598 on the hourly chart of ETH/USD.
The price is currently consolidating above the $585 support and below the 100 hourly simple moving average. To start a strong increase, the bulls need to gain strength above the trend line resistance, the 100 hourly SMA, and $600. A close above $600 and $602 could open the doors for a fresh surge towards $620 and $635.
Downside Break in ETH?
If ethereum fails to clear the trend line resistance and the $600 zone, there could be a bearish reaction. An initial support is near the $585 support (a multi-touch zone).
A downside break below the $585 support zone could put a lot of pressure on the bulls. In the stated case, ether price could decline towards the $570 and $565 levels in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently well below the 50 level.
Major Support Level – $585
Major Resistance Level – $600