Ethereum Price Analysis: ETH Breaks $600, Bulls Could Aim $660

  • Ethereum price is gaining pace above the $580 and $600 resistance levels against the US Dollar.
  • ETH price is currently trading well above $600 and the 55 simple moving average (4-hours).
  • There are two key bullish trend lines forming with support near $560 and $520 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to accelerate higher above the $620 and $625 resistance levels.

Ethereum price is trading in a nice uptrend above $600 against the US Dollar. ETH/USD is likely to continue higher and dips could be limited below $600 and $580.

Ethereum Price Analysis

In the past few days, there was a strong increase in Ethereum price above the $500 barrier against the US Dollar. ETH price even broke the $550 resistance level and settled well above the 55 simple moving average (4-hours).

The price is now trading above the $600 level and it traded as high as $621. The current price action is positive and it seems like the bulls are aiming an upside break above the $625 level. The next major resistance sits near the $632 level.

A successful break above the $632 resistance might open the doors for a push towards the $650 and $660 resistance levels in the near term. If there is a downside correction, the $605 level is an initial support.

The 23.6% Fib retracement level of the recent increase from the $549 swing low to $621 high is also near the $605 level. There are also two key bullish trend lines forming with support near $560 and $520 on the 4-hours chart.

The first key support is near the $600 handle, below which the price could test the 50% Fib retracement level of the recent increase from the $549 swing low to $621 high at $585. Any further losses may perhaps lead the price towards the first bullish trend line at $560.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a nice uptrend above $600 and $580. Overall, ether price is likely to accelerate higher above the $620 and $625 resistance levels. If there is a downside correction, the price might find bids near $600 and $580.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 70 level.

Key Support Levels – $605, followed by the $580 zone.

Key Resistance Levels – $625 and $650.

Source: livebitcoinnews.com

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