Eth found support beyond $580 and continues to move higher; however, ETH's price could face a substantial hurdle close to the $600 and $602 level.
Major Signals
- Ethereum begins a new increase after breaking the $530 resistance level.
- ETH broke a significant hurdle at $550 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $540
ETH's price is currently trading in a range below $600 and looks to be getting ready for the next move. The previous swing low was formed close to the $565 level before the price started recovering beyond the 23.6% Fibonacci retracement level of the major drop from $636 to $565.
ETH began a gradual recovery process beyond the $585 and $590 levels, and the price is moving towards the $600 resistance and is beyond the 100 hourly SMA.
A significant contracting triangle resistance is forming close to $600, and a proper close beyond the $600 and $602 levels could lead to a rapid increase.
The next major resistance is at $610, and a close above this level could lead to a continuous increase beyond $620, and a further increase could lead to a new yearly high beyond $636.
If ETH cannot break the $600 and $602 resistance, it is likely to experience a new dip with the first support close to the $590 level and the triangle lower line. A further decline from these levels could see the price approach the $585 support.
What do you think about the current ETH price actions? Let's discuss this in the comment section.
