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$ 31,751
Ethereum
$ 1,169.2
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$ 137.43




Ethereum

How Ethereum Could Stage Rally To $600 If It Clears $550


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.

  • ETH price declined heavily from $620 and it even tested $480 against the US Dollar.
  • The price is currently recovering above $500 and the 100 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $550 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could rise sharply towards $580 and $600 if it clears the $550 resistance.

Ethereum Price is Approaching Next Break

This past week, 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 and the 100 simple moving average (4-hours).

It tested the $480 support level and formed a support base for a fresh increase. Ether recovered above the $500 level and the 100 simple moving average (4-hours). The price even climbed above the 23.6% Fib retracement level of the downside correction from the $620 swing high to $480 swing low.

The price is now approaching a major resistance area near $550. There is also a key bearish trend line forming with resistance near $550 on the 4-hours chart of ETH/USD.

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the downside correction from the $620 swing high to $480 swing low is also near the $550 level to act as a major resistance. A successful break above the $550 level could spark a strong upward move.

The next key resistance is near the $580 level. If ether clears the $580 resistance, it could even retest or surpass the $600 resistance level in the coming sessions.

Fresh Decline in Ether (ETH)?

If Ethereum fails to extend its rise above $550, it could start another downward move. The first major support zone sits near the $520 level.

The 100 simple moving average (4-hours) is also near the $512 level to act as a major support. A downside break below the $512 level and $500 might put ether at a risk of more losses below $480.

Technical Indicators

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

4 hours RSI – The RSI for ETH/USD is now above the 50 level, but showing a few bearish signs.

Major Support Level – $512

Major Resistance Level – $550



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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin31,751 0.15 % 8.58 % 19.07 %
Ethereum1,169.2 0.40 % 11.08 % 3.92 %
Tether0.9984 0.13 % 0.12 % 0.07 %
Polkadot16.51 0.36 % 2.08 % 14.75 %
XRP0.2715 1.05 % 8.72 % 8.28 %
Cardano0.3273 0.43 % 9.96 % 5.54 %
Litecoin137.43 0.41 % 4.53 % 9.72 %
Chainlink19.86 0.79 % 5.79 % 12.02 %
Bitcoin Cash424.57 0.55 % 11.61 % 19.50 %
Binance Coin40.02 0.83 % 4.00 % 4.17 %