Ethereum price is trading in a range below the $ 600 and $ 602 resistance levels against the US Dollar. According to successful analyst Aayush Jindal, if there is a successful close above $ 600, the Ethereum price could initiate a strong increase.
Ethereum price is facing 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 key bearish trend line showing resistance near $ 598 on the hourly chart of ETH / USD (data flow via Kraken).
If there is a successful close above the $ 600 – $ 602 zone, the pair could start a strong rally.
Successful analyst: Ethereum price could start a strong rise
Ethereum price rallied as high as $ 607 before dropping in a range. Then there was a break below the $ 600 support level and the 100 hourly simple moving average. Ethereum price even broke the 23.6% Fib retracement level of the bullish wave. However, the price found strong buying interest near the $ 585 level.
The bears made several attempts to clear the $ 585 support, but they failed. The 50% Fib retracement level of the last upward wave is also near $ 585 and provides support. On the upside, ETH price is facing strong resistance near the $ 600 and $ 602 levels. There is a crucial bearish trend line with resistance near $ 598 on the hourly chart of ETH / USD.
Here are the levels that Ethereum price can see in the short term.
The price is currently consolidating above the $ 585 support and below the 100 hourly simple moving average. According to the analyst, the bulls’ trendline resistance must gain strength above the 100-hour SMA and above $ 600 to start a strong rise. The closing above $ 600 and $ 602 could open the doors for a fresh increase towards $ 620 and $ 635, according to the analyst.
If Ethereum fails to clear the trendline resistance and the $ 600 zone, it could be a bearish reaction. The initial support is close to the $ 585 support (multitouch zone), according to analyst. A downside break below the $ 585 support zone could put a lot of pressure on the bulls, according to the analyst. In this case, according to the analyst, the ETH price could drop towards the $ 570 and $ 565 levels in the near term.
Current outlook of Ethereum price with 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.