Ethereum (ETH) Needs To Clear $605 For Hopes of a Fresh Rally


Ethereum is consolidating in a contracting range above the $565 support against the US Dollar. ETH price must surpass $05 to start a strong upward move towards $625 and higher.

  • ETH price found support near $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).
  • There is a major contracting triangle forming with resistance near $602 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could rise sharply towards $600 or higher if it clears the $605 resistance.

Ethereum Price is Forming A Key Breakout

This past week, bitcoin and ethereum saw a minor downside correction below $18,800 and $580 respectively against the US Dollar. ETH price even spiked below the $572 support, but it remained stable above the 100 simple moving average (4-hours).

How To Get Free Crypto  

The $565 support zone acted as a strong barrier for the bears. A swing low was formed near $561 and the price started a fresh upward move. Ether climbed above the $575 and $580 levels. There was also a break above the 50% Fib retracement level of the downside reaction from the $625 swing high to $561 swing low.

Reloads and free spins available every day, for every player, in mBitcasino Crypto Autumn Bonanza! Play Now!

Source: ETHUSD on TradingView.com

The price is now approaching a major resistance area near $600. There is also a major contracting triangle forming with resistance near $602 on the 4-hours chart of ETH/USD.

The triangle resistance is close to the 61.8% Fib retracement level of the downside reaction from the $625 swing high to $561 swing low. A successful break above the triangle resistance and $605 is must to start a strong increase. The next major resistance is at $620, above which the price could break the $636 yearly high.

Fresh Decline in Ether (ETH)?

If Ethereum fails to clear the $600 and $605 resistance levels, there is a risk of a bearish reaction. An initial support is near the $592 level.

Coinbase Banner  

The first major support zone sits near the $590 level and the triangle lower trend line. A downside break below the triangle support might lead the price towards the $565 support and the 100 simple moving average (4-hours).

Technical Indicators

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

4 hours RSI – The RSI for ETH/USD is showing positive signs and it is above the 50 level.

Major Support Level – $590

Major Resistance Level – $605

Go to Source
Author: Aayush Jindal


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.