Ethereum saw an increase in sales and fell sharply to $ 550 against the US Dollar. ETH price is rising, but the increases are likely to be limited around $ 595 and $ 600. Ethereum fell sharply below the $ 600, $ 595, and $ 580 support levels.

 

The price is currently recovering at $ 550. However, it is below the 100 hour simple moving average.

There is a key bearish trend line with resistance near $ 592 on the hourly chart of ETH / USD.

The pair may continue to decline as long as it is below $ 595 and $ 600.

Ethereum price settled below $ 600

Ripple saw a massive drop towards $ 0.4000 and below $ 0.3000. It saw a drop in Bitcoin and Ethereum below $ 23,000 and $ 600. ETH price quickly dropped below the $ 600, $ 595 and $ 580 support levels.

The decline was such that the price even fell below the $ 565 support and was well below the 100 hourly simple moving average. It tested the $ 550 support level and recently launched an upward correction.

There was a break above the $ 565 and $ 570 levels. However, the price is currently facing many hurdles around $ 590, $ 592 and $ 595.

There is a key bearish trend line with resistance near $ 592 on the hourly chart of ETH / USD.

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A clear break above the $ 595 and $ 600 resistance levels could open the doors for further bullishness. The next major resistance is near the $ 620 level and the 100 hourly simple moving average.

If Ethereum fails to cross the $ 595 and $ 600 resistance levels, it could start a new decline. The first downside support is near the $ 570 level.

The first major support is near the $ 565 level. The main support is still located near the $ 550 level and there is a risk of a sharp drop below this level. In the stated situation, the price is likely to revisit the $ 520 support zone.

Technical indicators

  • Hourly MACD – The MACD for ETH / USD is slowly moving towards the bullish zone.
  • Hourly RSI – The RSI for ETH / USD is currently well below the 50 level.
  • Support Level: $ 550.
  • Resistance Level – $ 600.

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