How Ethereum Could Stage Rally To $600 If It Clears $550

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How Ethereum Could Stage Rally To $600 If It Clears $550

Ethereum started a fresh increase from the $480 support zone against the US Dollar. ETH price must surpass $550 to start a strong upward move towards $600.

ETH price declined heavily from $620 and it even tested $480 against the US Dollar.The price is currently recovering above $500 and the 100 simple moving average (4-hours).
There is a key bearish trend line forming with resistance near $550 on the 4-hours chart of ETH/USD (data feed via Kraken).The pair could rise sharply towards $580 and $600 if it clears the $550 resistance.

Ethereum Price is Approaching Next Break
This past week, bitcoin and ethereum saw a sharp downside correction below $17,000 and $550 respectively against the US Dollar. ETH price even spiked below the $500 support and the 100 simple moving average (4-hours).

It tested the $480 support level and formed a support base for a fresh increase. Ether recovered above the $500 level and the 100 simple moving average (4-hours). The price even climbed above the 23.6% Fib retracement level of the downside correction from the $620 swing high to $480 swing low.

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