ETH experiences a price increase but witnessing a powerful resistance close to $600 and presently consolidating under this level. It made some attempts to gain an upward move beyond $600 and $605 but failed to close correctly beyond $600.
Major Signals
- Ethereum attempted to scale beyond $600
- A major bearish trend is forming around $602
- ETH/USD could go beyond $602 or fall towards $565
The previous swing high was created close to $607. But the price began a downward correction and even went down to the $600 and $595 levels.
A key downward trend line is forming with resistance close to $602. It is likely to either begin a further increase beyond this level or a quick dip towards the $565 level.
To begin an increase, ether must close clearly beyond $600 and $602 resistance with the next key resistance close to $620, beyond which buyers could attempt a new high above $636.
ETH could decline if it cannot close properly above the $600 and $602 resistance with the initial support close to the $592 level and the 100 hourly SMA. A further dip below the 100 SMA is likely to move the price towards the $585 support. Other losses could result in a continuous drop towards the significant $565 support.
What do you think about the current price of ETH? Let’s discuss this in the comment section.
