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TA: Ethereum Holds Strong Above $600, Why ETH Could Surge Above $620

TA: Ethereum Holds Strong Above $600, Why ETH Could Surge Above $620

Ethereum started a strong increase and broke the $600 resistance against the US Dollar. ETH price is up over 4% and it could even surge above $625.

  • Ethereum remained in a positive zone and climbed above the $600 resistance level.
  • The price traded close to the $620 level (as discussed yesterday) and settled above the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $595 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher above the $620 and $622 levels in the near term.

Ethereum Price is Showing Positive Signs

Yesterday, we discussed the chances of more upsides in Ethereum towards the $620 resistance. ETH price did gain bullish momentum above the $585 and $600 resistance levels.

It traded close to the $620 resistance and settled above the 100 hourly simple moving average. A high is formed near $618 and ether is showing positive signs similar to bitcoin. It is currently consolidating gains and trading near the $607 level.

There was a minor break below the 23.6% Fib retracement level of the recent increase from the $572 swing low to $618 high. On the downside, there are many supports forming, starting with the $600 level.

Ethereum Price ETH

Ethereum Price ETH

Source: ETHUSD on TradingView.com

The first key support is near the $595 level. There is also a key rising channel forming with support near $595 on the hourly chart of ETH/USD. The channel support is close to the 50% Fib retracement level of the recent increase from the $572 swing low to $618 high.

On the upside, ether is facing hurdles near the $618 and $620 levels. A clear break above the recent high and $620 might spark a larger upward move. The next stop for the bulls could be $635 or even $642 in the near term.

Dips Supported in ETH?

If ethereum fails to clear the $618 and $620 resistance levels, there could be a minor downside correction. The channel support at $595 holds the key.

A downside break below the $600 level and the channel support could lead the price towards the $580 support zone. Any further losses might call for a test of the $570 level or the 100 hourly simple moving average.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently near the 60 level.

Major Support Level – $595

Major Resistance Level – $620

Source

TA: Ethereum Gains Bullish Momentum, Why ETH Could Retest $620

TA: Ethereum Gains Bullish Momentum, Why ETH Could Retest $620

Ethereum gained bullish momentum and broke the $550 resistance against the US Dollar. ETH price is up over 8% and it seems like the bulls are aiming $600 or $620.

  • Ethereum started a fresh increase after it broke the $530 resistance level.
  • The price surpassed a major hurdle at $550 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $540 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is trading in a positive zone and it could higher towards $600 or $620.

Ethereum Price is Up 8%

In the weekly analysis, we discussed the importance of the $550 resistance for Ethereum. ETH price started following a steady bullish path, and surpassed many hurdles near the $540 and $550 levels.

Bitcoin price also gained traction above $18,200, helping ether to clear the $550 resistance. There was also a break above a key bearish trend line with resistance near $540 on the hourly chart of ETH/USD. There was also a break above the 50% Fib retracement level of the key decline from the $623 swing high to $478 low.

Ethereum Price

Ethereum Price

Source: ETHUSD on TradingView.com

The pair settled nicely above the $565 level and the 100 hourly simple moving average. Ether tested the $590 resistance level. It seems like the bears are protecting the 76.4% Fib retracement level of the key decline from the $623 swing high to $478 low.

A clear break above the $590 level could open the doors for more gains above $600. In the stated case, the price is likely to revisit the $620 resistance or the $623 swing high in the near term. Any further gains may possibly push the price towards the $650 level.

Dips Supported in ETH?

If ethereum fails to clear the $590 resistance level, there could be a minor downside correction. An initial support is near the $580 level (a multi-touch zone).

A downside break below the $580 level might call for an extended decline. The next major support is near the $560 and $550 levels, followed by the key 100 hourly simple moving average. Any further losses could lead ether towards the $530 support level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently well above the 50 level.

Major Support Level – $550

Major Resistance Level – $590

Source

Ethereum Price Analysis for August 7th – ETH Still Eager to Grow

Ethereum Price Analysis for August 7th – ETH Still Eager to Grow

By Dmitriy Gurkovskiy, author at RoboForex Blog

By Friday, August 7th, the ETH seems to gave lost its absolute confidence in further growth but its overall mood remains positive. This promises a chance of growth after the pause. Today the ETH is generally trading at 396 USD.

On H4, the uptrend of the ETH has passed the level of 38.2% Fibo related to the preceding long-term declining wave. Technically speaking, there is a correction forming on the chart after swift growth. After the correction and a breakaway of the high at 415.26 USD, the next goal is likely to be 50.0% Fibo (455.05 USD). However, for now, after a divergence on the MACD, an impulse of declining has corrected the previous growth to 38.2% Fibo. The next wave of growth is testing the area near the high but the market seems to be preparing another wave of decline.

ETH price analysis chart

ETH price analysis chart

On H1, wait for a decline to the support level and 368.45 USD. If this level is broken away, this will confirm the formation of another wave of decline. The aims of the decline might be 50.0% (315.50 USD) and 61.8% (292.20 USD). However, judging by the dynamics of the Stochastic, the quotations might equally rise and test the high.

ETH price chart

ETH price chart

Adam Back, the head of Blockstream, states that the ETH, along with other altcoins, demonstrates a range of features that make it look like a crypto pyramid. Simultaneously, the financier who the market thinks to be the creator of the ETH – Satoshi Nakamoto – is sure that behind each altcoin there is a personality comparable to the father of financial pyramids Charles Ponzi.

According to Back, the problem of the ETH, as of many other altcoins, is the distribution of assets. At the same time, he says that Ethereum and Ripple are rivals in a contest for being the most important fraud scheme.

Why are we talking about fraud at all? Back comments that as long as 70% of the initial altcoins have been mined by their creators, the mining schemes are non-transparent and can never become transparent.

However, the ETH rate is hardly influenced by such comments: general market moods are much more important, and they are satisfactory.

Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Source

Ethereum Price Prediction: The Bears Take-over; ETH/USD May Fall below $500 Support Level

Ethereum Price Prediction: The Bears Take-over; ETH/USD May Fall below $500 Support Level

ETH Price Prediction – November 26

The daily chart reveals that the Ethereum price is approaching a crucial support level, similar to Bitcoin (BTC).

ETH/USD Market

Key Levels:

Resistance levels: $620, $640, $660

Support levels: $420, $400, $380

ETHUSD – Daily Chart

ETH/USD is trading down 8.33% at its current price of $521.51, which marks a notable decline from its daily highs of $577 today when the bulls attempt to spark another rally. In the next negative movements, ETH/USD may find some support in the lower $480 level, as it has bounced multiple times after visiting this level.

What to Expect from Ethereum (ETH)

The Ethereum (ETH) is currently following the bearish trend with a tremendous price drop. Although many traders were expecting a lot from the coin before it suddenly changes to the downside. Meanwhile, the majority of the altcoins started trading today with a fall as the Ethereum price is seen trading under the 9-day moving average but yet to break below the lower boundary of the channel.

Moreover, a bearish drop may likely roll the market down to the support level of $420, $400, and $380 while a possible bullish surge may drive the market above the moving averages at the $580 resistance level. Meanwhile, the $620, $640, and $660 may further provide resistance levels for the market. The technical indicator RSI (14) is facing the negative side and staying there may cause the coin to fall below the critical supports again.

Against Bitcoin, the market price remains within the negative side but still trading above the 9-day and 21-day moving averages. The bears are already taking over the market as ETH/BTC is currently trading at 0.0303 BTC and the bulls failed to push the price upward. Meanwhile, if the market continues to drop, the next key supports could be 0.0270 BTC and below.

ETHBTC – Daily Chart

However, on the upside, a possible bullish movement may surface and this could push the market to cross above the upper boundary of the channel, once this is done, the resistance level of 0.0330 BTC and above may be visited. As for now, the RSI (14) is seen moving below the 55-level, suggesting that the market may continue to fall.

Source