TA: Ethereum Rising Steadily, Why ETH Could Surge Past $600
After testing the $595 zone, Ethereum corrected lower. ETH traded below the $580 support level, but the bulls were able to protect the $575 support zone.
A swing low was formed near the $576 level before the price started a fresh increase. There was a strong upward move above the $580 and $585 levels. There was also a break above a key bearish trend line with resistance near $586 on the hourly chart of ETH/USD.
Ether price climbed above the $590 level and even spiked above $595. A new monthly high is formed near $596 and the price is currently consolidating gains. An initial support is near the $590 level or the 23.6% Fib retracement level of the recent increase from the $576 swing low to $596 high.
Moreover, there is a crucial bullish trend line forming with support near $585 on the same chart. The trend line is close to the 50% Fib retracement level of the recent increase from the $576 swing low to $596 high.
On the upside, the price is clearly facing a strong resistance near the $595 level. The current price action suggests that ether could make another attempt to clear $595. The next major resistance is still near the $600 level. A close above the $600 level could accelerate gains.
Read more here (https://www.newsbtc.com/analysis/eth/ethereum-eth-could-surge-past-600/)