Ethereum hesitates below the $600 price range against the US dollar but the price looks like it is able to start a strong surge if there’s a decent close above this level so let’s find out more in today’s Ethereum news.
Ethereum hesitates at the strong resistance near the $600 and the $602 levels. The price will be consolidating above the $585 support and below the 100 hourly simple moving average with a crucial bearish trend line forming with resistance right at that level on the hourly charts of the pair. The ETH/USD pair will start a strong rally if there’s a successful close above the $600 region. There were a few range moves in ETH above the $585 support just like BTC but the ETH price traded as high as $607 before initiating a minor decline within a range.
There was a break below the $600 support level and the 100 hourly simple moving average but the price broke the 23.6% fib retracement level from the upward movement at the $565 swing low to $607 swing high. However, the price found a strong buying interest rate at the $585 level as the bears made a few attempts at clearing the $585 support but they failed. The 50% fib retracement of the upward wave from the $565 swing low to the $607 swing high nearing the $585 which provides support. On the upside, the ETH price is facing strong resistance at the $600 and the $602 levels with a crucial bearish trend line that forms with the resistance at the $598 on the hourly charts of the pair.
The price consolidated above the $585 support level and below the 100 hourly simple moving average but in order to surpass it, the bulls will have to gain strength above the trend line resistance at the 100 hourly SMA and the $600 so a close above it, could mean a newly opened door for a fresh surge towards $635. If Ethereum failed to clear the trend line resistance and the $600 zone with a possibility for a bearish reaction with initial support near the $585 level.
Another downside break below the $585 support zone could put a lot of pressure on the bulls and its price could decline at the $570 and the $565 levels in the near term. The hourly MACD for the pair is slowly losing momentum in the bearish zone with the RSI for the pair is well below the 50 levels.
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