Ethereum Consolidated Above $600 Making A Strong Upside Case

Ethereum consolidated above $600 recently and tested the $625 level against the US dollar. The price is still consolidating above it and will likely set up the next move to the upside so let’s read more in today’s Ethereum news.

Ethereum settled above the key $600 resistance level and increased towards $625 with the price consolidating near the $600 support and the 100 hourly simple moving average. There’s a major contracting triangle forming with the resistance at 0 on the hourly charts of the pair with a chance of starting a fresh increase above the 0 level as long as ETH stays above 100 hourly SMA.
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There was a steady increase in Ethereum after it broke the $600 resistance and the price will even break the $610 level while settling above the 100 hourly simple moving average.

The altcoin traded to as close as $625 resistance before starting a downside correction with a new high forming close to the $624 level as the price corrected lower than $615. There was also a break near the 50% fib retracement level from the upward movement from the $587 swing low to the $624 high. ETH is now nearing the $600 support zone and traded above the 100 hourly simple moving average with a major contracting triangle forming near the $620 resistance on the hourly charts of the pair. The triangle support is nearing the 61.8% fib retracement level from the upward movement at $587 low to $624 high. As long as the price is above these levels, and the 100 hourly simple moving average, it could start a fresh increase.

The initial resistance is also near the $615 level with the main resistance nearing the $620 level above which the price will likely speed up higher above $625 and $630. If ETH fails to clear the $615 resistance and the triangle upper trend line, there’s a bigger risk of another downside movement. As Ethereum consolidated above $600, the next major support do downside could be set at $570 where the bulls will take a stand. The ETH/USD is now rising and approaching the 50 levels with the major support level set at $600, while the major resistance level is set at $620.

Ethereum consolidated above $600 recently and tested the $625 level against the US dollar. The price is still consolidating above it and will likely set up the next move to the upside so let’s read more in today’s Ethereum news.

Ethereum settled above the key $600 resistance level and increased towards $625 with the price consolidating near the $600 support and the 100 hourly simple moving average. There’s a major contracting triangle forming with the resistance at 0 on the hourly charts of the pair with a chance of starting a fresh increase above the 0 level as long as ETH stays above 100 hourly SMA.
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There was a steady increase in Ethereum after it broke the $600 resistance and the price will even break the $610 level while settling above the 100 hourly simple moving average.

The altcoin traded to as close as $625 resistance before starting a downside correction with a new high forming close to the $624 level as the price corrected lower than $615. There was also a break near the 50% fib retracement level from the upward movement from the $587 swing low to the $624 high. ETH is now nearing the $600 support zone and traded above the 100 hourly simple moving average with a major contracting triangle forming near the $620 resistance on the hourly charts of the pair. The triangle support is nearing the 61.8% fib retracement level from the upward movement at $587 low to $624 high. As long as the price is above these levels, and the 100 hourly simple moving average, it could start a fresh increase.

The initial resistance is also near the $615 level with the main resistance nearing the $620 level above which the price will likely speed up higher above $625 and $630. If ETH fails to clear the $615 resistance and the triangle upper trend line, there’s a bigger risk of another downside movement. As Ethereum consolidated above $600, the next major support do downside could be set at $570 where the bulls will take a stand. The ETH/USD is now rising and approaching the 50 levels with the major support level set at $600, while the major resistance level is set at $620.