Skip to main content

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

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

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

Major Support Level – $595

Major Resistance Level – $620



from NewsBTC https://ift.tt/39tCNlh
via IFTTT

Comments

Popular posts from this blog

How to play and earn in CryptoKitties

CryptoKitties is a blockchain-based game where players can buy, sell and breed digital cats with unique attributes. Reminiscent of Tamagotchi and Pokémon, the wildly popular digital pets and creatures of the 1990s, CryptoKitties is a blockchain-based game where players can collect, trade and breed digital virtual cats. CryptoKitties was the first Ethereum-based game, and its popularity underscored many of the network’s scaling issues. This digital cat-breeding blockchain game caused quite a bit of congestion on the Ethereum blockchain, peaking in 2020. However, the game’s creators were able to address these issues. What is CryptoKitties? Launched in 2017, CryptoKitties was built by Dapper Labs, the company that uses blockchain technology to bring nonfungible tokens (NFTs) and new forms of digital engagement to fans around the world. CryptoKitties is also considered one of the world’s first-ever blockchain games. In the game, each one of the digital collectible cats possesses a

Bitcoin dominance falls under 40%

While Bitcoin critics claim this means that BTC is losing its first-mover competitive advantage, others are anticipating the “altcoin season” is just around the corner, or might even be already underway. Bitcoin’s market dominance has continued to fall, bottoming out below 40% this week. That’s very close to the all-time low of 36.7% in Jan 2018 according to data from Tradingview. Bitcoin ( BTC ) market dominance refers to the ratio between BTC’s market cap and the total crypto market cap. It's not the first time dominance has dipped in 2021. Back in May, Cointelegraph reported that BTC had dipped to represent just 40.3% of the combined crypto asset capitalization, according to Coinmarketcap, and it neared the same level again in September.  Bitcoin critic and Europac chairman Peter Schiff tweeted about the event on Dec 29th, saying that it’s indicative that BTC is “losing its first-mover competitive advantage.” With over 16,000 alternative cryptos to choose from Bitcoin

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl