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Ethereum Price Forecast: Ether Storming Toward $600

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price surged higher against the US dollar and bitcoin. ETH/USD is on the move and it could soon break $600.00 to test $640.00.

Key Highlights

Ether’s price rose sharply and is currently holding gains above $575.00 against the US dollar.
A strong uptrend support is forming near a bullish trendline at $540.00 on the 6-hour chart of ETH/USD.
ETH/BTC extended gains and broke yet another resistance at 0.0680BTC.

Technically, the 6-hour chart indicators are moving higher into the overbought levels.

ETH/USD is in a Major Uptrend

ETH/USD has been on the upward move for the past three days and it broke many resistances to move into a major bullish trend. It traded close to the $600.00 level today before starting a downward correction.

ETH/BTC also climbed higher during the past few sessions from the 0.0620BTC support. It broke the 0.0680BTC resistance recently, and it may extend gains above the 0.0700BTC level in the near term.

Ethereum Price ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, the pair consolidated above the $500.00 support for a few sessions before starting an upward move. It climbed higher and broke the $550.00, $565.00, and $580.00 resistance levels.

Ether traded as high as $595.42 before starting a short-term correction. There are many supports sitting on the downside, starting with $580.00. There is also a bullish trendline with support at $570.00 on the 30-minute chart, which is likely to act as a strong buy zone.

Further below $570.00, the $555.00-560.00 zone could act as a key support. The last line of defense for the current uptrend is around a bullish trendline with support at $540.00 on the 6-hour chart.

Ether Price Analysis Chart

As long as the price is above $540.00, the current bullish wave remains supported for further acceleration. Should there be a decline below $540.00, there could be a three-wave downward correction in the short term.

To the top side, Ether will most likely make an attempt to climb above $600.00 today, a successful hourly close above which may open the door for a push toward $640.00.

Important Resistance Levels

$600.00 and $640.00

Important Support Levels

$570.00 and $560.00

6-hour RSI

The RSI is approaching the 80 level in the overbought region.

6-hour MACD

The MACD is gaining bullish momentum.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.