ETH Struggling to Stay above $600, but the $565 Fall Looks Likely

Major Signals

• Ethereum is holding firmly to major lower boundary support
• ETH breakdown to 50 SMA will be validated if it trades below $600
• ETH could hit a new yearly high of $700

At press time, ETH is currently dancing at $605, but the decline looks imminent. From the other perspective, any fall might take ETH back to the $565 resistance level.

ETH looks like it will breakdown soon because the leading altcoin has been finding its way to stay up the support level. It is also essential to add that a bearish narrative will be confirmed if the smart contract giant maintains the $600 level.

As of now, the path where resistance is lower is ETH falling. If any ETH fall happens, the loss might change the average to $564 based on the 4-hour chart. Additionally, any price fall to $565 could increase subtle buyer congestion and reduce the selling pressure.

The bull's foremost priority is to ensure ETH price doesn't fall below $600 and see ETH move up to $636. If there is enough buying pressure, ETH could hit the yearly high of $700.