Analyst: Ethereum Price Is Set For A Significant Break! Here Are The Levels

coinputin.com – The Ethereum Price is consolidated against the US dollar in a contract range of over $ 565 support. According to successful analyst Aayush Jindal, the Ethereum Price must exceed $ 605 to start a strong upward movement above $ 625.

The Ethereum Price found support around $ 565 and started a steady recovery against the US dollar.
The price is currently trading above $ 580 and the 100 Simple Moving Average (4 hours).
On the 4-hour ETH/USD parity chart, there is a large contract triangle with resistance close to $ 602 (data flow through the Kraken).
If the pair clears the $ 605 resistance, it could rise to $ 600 or higher, according to the analyst.
Successful analyst: Ethereum Price is preparing for a significant break!
Last week Bitcoin and Ethereum saw a small negative correction against the US dollar, below us $ 18,800 and US $ 580 respectively. The price of ETH slipped even below the $ 572 support, but remained steady above the 100 Simple Moving Average (4 hours). The $ 565 support zone served as a strong barrier for the Bears. A low of around $ 561 has formed, and the price has started a new upward movement.

Ether rose above $ 575 and $ 580. There was also a break above the 50% Fib retreat level of the downward movement from $ 625 to $ 561. The price is now approaching a large resistance area of around $ 600. Also on the 4-hour ETH/USD parity chart, there is a large contract triangle with resistance close to $ 602.

Here are the critical levels Ethereum may see in the coming sessions
Triangle resistance is close to the 61.8% Fib retreat of the downward movement from $ 625 to $ 561. A successful break of triangle resistance and above $ 605 is essential to start a strong increase, according to the analyst. The price of $ 620 and above that could break the annual high of $ 636, according to the next main resistance analyst.

If Ethereum fails to exceed the resistance levels of $ 600 and $ 605, there is a risk of decline, according to the analyst. Initial support is close to $ 592, according to the analyst. The first big support stands near the $ 590 level and the triangular bottom trendline, according to the analyst. A negative break below the triangle support could drive the price toward $ 565 support and a 100 Simple Moving Average (4 hours), according to the analyst.

Current view of Ethereum Price with technical indicators

  • 4-hour MACD: the MACD for ETH / USD parity is gradually losing momentum in the bullish zone.
  • 4 hour RSI: the RSI for ETH / USD parity is showing positive signs and is above the 50 level.
  • Main support level: $ 590
  • Main resistance level: US $ 605.
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