Can ETH Clear $600 And Reignite The Bullish Bias? (Ethereum Price Analysis)


ETH/USD: Price Consolidates After A Rebound

Key Resistance Levels: $600, $636, $700

Key Support Levels: $530, $489, $450

ETH/USD. Source: TradingView

Ethereum saw a 2% increase over the past hours following recovery from $530 over the weekend. These gains have pushed the second largest coin by market cap to its current price of $586. ETH is likely to face critical resistance at $600.

Volatility may be low at the moment but its bullish trend is still looking strong in the long-term. Meanwhile, the last 21-day correction still keeps the market in favor of the bears. However, to reactivate a fresh increase, the $600 remains a key psychological level for the bulls to clear.

ETH/USD: Resistance and Support Levels

As mentioned above, if the price climbs further and increases above $600, the next resistance for the buyers would be $636 – the two years high – before advancing higher toward $700.

In the opposite direction, the first level of support is the current monthly low around $537. A drop beneath this level could see further losses to $489 and perhaps $450, where the channel’s support is holding. A breakdown from there may result in a complete mid-term reversal.

ETH/BTC: Ethereum Remains Indecisive

Key Resistance Levels: 0.0337 BTC, 0.0371 BTC, 0.041 BTC

Key Support Levels: 0.030 BTC, 0.028 BTC, 0.0263 BTC

ETH/BTC. Source: TradingView

Against Bitcoin, ETH continued to hold the 0.030 BTC level as support since it saw a sharp rejection at 0.0337 BTC weeks back. Although the bears are still in charge, there’s hope for the bulls if this level continues to hold well. The price has been trading around this mentioned support for the past few hours now.

Considering the ascending trend line forming since January, the market is still charting in favor of the bulls from a long-term perspective. But the recent price actions suggest that bears are currently taking charge in the short-term.

ETH/BTC: Resistance and Support Levels

Breaking this crucial support, ETH may look for a key rebound at 0.028 BTC, around the long-term ascending line. From here, the next support may come around 0.0263 BTC.

On the other hand, if it can bounce off the daily RSI 50 level, the initial resistance to keep in mind is 0.0337 BTC. A push above this could send prices higher to 0.0371 BTC and potentially 0.041 BTC (November high). The MACD indicator suggests that there’s still hope for a recovery.

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?


Bitcoin May Have Hit Wall of Profit Takers Around $19,500: Analyst

Top Bitcoin Cetologist Warns Not To ‘Buy The Dip’

Top Bitcoin Cetologist Warns Not To ‘Buy The Dip’