{"id":451485,"date":"2020-12-04T05:28:34","date_gmt":"2020-12-04T05:28:34","guid":{"rendered":"https:\/\/ktsl888.com\/?p=451485"},"modified":"2024-06-11T14:08:59","modified_gmt":"2024-06-11T14:08:59","slug":"ethereum-consolidates-above-600","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-consolidates-above-600\/","title":{"rendered":"TA: Ethereum Consolidates Above $600, A Strengthening Case for Upside"},"content":{"rendered":"
Ethereum cleared the $600 resistance level and tested the $625 zone against the US Dollar. ETH price is consolidating above $600 and likely setting up for the next move.<\/em><\/p>\n There was a steady increase in Ethereum after it broke the $600 resistance<\/a>. ETH price even broke the $610 level and settled above the 100 hourly simple moving average.<\/p>\n It traded close to the $625 resistance before starting a downside correction. A high was formed near $624 and the price corrected lower below $615. There was a break below the 50% Fib retracement level of the upward move from the $587 swing low to $624 high.<\/p>\n Ether is currently approaching the $600 support zone and trading above the 100 hourly simple moving average. There is also a major contracting triangle forming with resistance near $620 on the hourly chart of ETH\/USD.<\/p>\n <\/a><\/p>\n The triangle support is close to the 61.8% Fib retracement level of the upward move from the $587 swing low to $624 high. As long as the price is above the $600 support and the 100 hourly simple moving average, it could start a fresh increase.<\/p>\n An initial resistance is near the $615 level. The main resistance is near the $620 level, above which ether price is likely to accelerate higher above $625 and $630.<\/p>\n If ethereum fails to clear the $615 resistance and the triangle upper trend line, there is a risk of a downside break. The first key support is near the $600 level and the 100 hourly simple moving average.<\/p>\n\n
Ethereum Price Resistance Turned Support<\/h2>\n
Source: ETHUSD on TradingView.com<\/a><\/pre>\n
Downside Break in ETH?<\/h2>\n