Key Highlights:
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Ethereum returned above the $600 price level on Tuesday following yesterday’s slight pullback off its weekly high.
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ETH/USD is now on another bullish trend, looking to test a major resistance level at $610.
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A major support level was established at $585 prior to the current bull run.
ETH/USD Breaks Above $600 Once Again
On Tuesday morning, Ethereum price broke above the $600 pivot level once again following yesterday’s decline. This is the digital currency’s biggest upward movement after it hit a weekly high of $620 this past weekend.
Currently, ETH/USD is on another bullish run looking to test a major resistance level at $610. Ethereum price has already moved past its 20-day moving average, which is also surging up. On the upside, a break above the resistance could take ETH/USD toward the next critical level at $625. On the downside, another pullback, which is still possible, could take ETH/USD back down to a Fib retracement level of $590. A major support level was established at $585 prior to forming the bullish trend line.
Source: Tradingview
The technicals indicate that there’s significant buying pressure on Ethereum right now. The MACD line confirms the current bull trend, while the RSI indicator places Ethereum in overbought territory. Trading volume has also spiked in recent hours.
Looking at the Technical Indicators:
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Hourly MACD — Bullish signal
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Hourly RSI — Ethereum is in overbought territory
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Major Resistance Level — $610
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Major Support Level — $585
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