Ethereum Price Analysis: ETH Rejected at $620 Again as Price Crashes 5% Daily

[sneakyboi]

Ethereum Price Analysis: ETH Rejected at $620 Again as Price Crashes 5% Daily

Ethereum dropped by almost 5% over the past 24 hours as it falls to $585. Against Bitcoin, ETH has been rangebound between 0.0318 BTC and 0.031 BTC in the first few days of December.

Key Support Levels: $585, $560, $550.
Key Resistance Levels: $600, $620, $650.

Yesterday, Ethereum moved higher to test the resistance at $620 (1.414 Fib Extension). This level had stalled the market during November and early December and is the next price point to break above to turn bullish again. It was unable to break $620 on the third attempt and fell lower today as it crashed beneath $600 to hit the $585 support.



Looking ahead, if the bulls can defend $585 and push higher, the first level of resistance lies at $600. This is followed by $620, $650, and $665. If the sellers break $585, support is expected at $560 (.236 Fib). This is followed by $550, $525 (.382 Fib), and $500. The 4HR RSI penetrated beneath the mid-line today, suggesting the sellers have taken control of the market momentum.

Learn more about the analysis here.