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TA: Ethereum Hesitates, Why Close Above $600 Could Spark Fresh Surge

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Created by industry experts and meticulously reviewed
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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.

Ethereum Price

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

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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.

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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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