The week began with a positive market sentiment that swung entirely bullish with ETH Price taking the lead. The crypto markets are achieving more stability ahead of the weekend. LINK, DOT, LTC, BCH , ADA, BNB and many other altcoins are pushing on hard, and making decent gains. Although analysis points to further gains in many altcoins, bitcoin seems to be keeping up the pace in its quest for $20K.
Ethereum has recovered significantly since last week’s dive to the support at $480. Both bitcoin and ethereum saw a sharp downside correction below $17,000 and $550 respectively against the US Dollar. ETH price even spiked below the $500 support.
However, Ethereum started a fresh increase from the $480 support zone against the US Dollar. ETH price must surpass $550 to start a strong upward move towards $600.
Ethereum Price Analysis
At the time of writing, Ethereum is trading at$585.19 with 7% gains. The cryptocurrency is currently holding a market cap value of $66,497,975,911 with $17,412,272,473 trading volume.
The ETH price could surge above the $600 resistance level in coming days as the on-going trend may move a little bit higher in the coming days. The Ethereum price may break above the upper boundary of the channel and reach potential resistance levels at $640, $660, and $680 respectively.
The RSI indicator is showing the bullish grip, as it hits closer to the overbought region. The steady rise from levels around 30 has called for an increase in buy orders.
If enough bullish pressure is created, Ethereum will likely break above the target at $625 and focus on gains above $700. On the other side, if some delays occur at $600. conversely, enough selling pressure will build to stop the planned breakout to $625.
A correction from the critical level might see Ethereum fall back to seek refuge at the 50 SMA. Other key support levels to keep in mind include 100 SMA at $515, $480, and 200 SMA at $465.
At present, If ETH price fails to clear the $590 resistance level, there could be a minor downside correction. An initial support lies near the $580 level.
A downward break below the $580 level might call for an extended decline. The next major support is near the $560 and $550 levels, followed by the key 100 hourly simple moving average. Any further losses could lead ether towards the $530 support level.
- The Hourly MACD indicator is slowly losing momentum in the bullish zone.
- Hourly RSI indicator is currently well above the 50 level.
- Major Support Level – $550
- Major Resistance Level – $590