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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

TA: Ethereum Holds Strong Above $600, Why ETH Could Surge Above $620

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum started a strong increase and broke the $600 resistance against the US Dollar. ETH price is up over 4% and it could even surge above $625.

  • Ethereum remained in a positive zone and climbed above the $600 resistance level.
  • The price traded close to the $620 level (as discussed yesterday) and settled above the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $595 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher above the $620 and $622 levels in the near term.

Ethereum Price is Showing Positive Signs

Yesterday, we discussed the chances of more upsides in Ethereum towards the $620 resistance. ETH price did gain bullish momentum above the $585 and $600 resistance levels.

It traded close to the $620 resistance and settled above the 100 hourly simple moving average. A high is formed near $618 and ether is showing positive signs similar to bitcoin. It is currently consolidating gains and trading near the $607 level.

There was a minor break below the 23.6% Fib retracement level of the recent increase from the $572 swing low to $618 high. On the downside, there are many supports forming, starting with the $600 level.

Ethereum Price ETH

Source: ETHUSD on TradingView.com

The first key support is near the $595 level. There is also a key rising channel forming with support near $595 on the hourly chart of ETH/USD. The channel support is close to the 50% Fib retracement level of the recent increase from the $572 swing low to $618 high.

On the upside, ether is facing hurdles near the $618 and $620 levels. A clear break above the recent high and $620 might spark a larger upward move. The next stop for the bulls could be $635 or even $642 in the near term.

Dips Supported in ETH?

If ethereum fails to clear the $618 and $620 resistance levels, there could be a minor downside correction. The channel support at $595 holds the key.

A downside break below the $600 level and the channel support could lead the price towards the $580 support zone. Any further losses might call for a test of the $570 level or the 100 hourly simple moving average.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently near the 60 level.

Major Support Level – $595

Major Resistance Level – $620

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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