BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Ethereum fights to stay above $600 while breakdown to $565 seems inevitable

Ethereum fights to stay above $600 while breakdown to $565 seems inevitable

Ethereum is holding firmly to the ascending parallel channel’s lower boundary support.
The breakdown to the 50 SMA will be validated if Ethereum closed the day under $600.

Ethereum recently reclaimed the position above $600 but has failed to sustain the uptrend to the next resistance at $520. At the time of writing, the smart contract giant is dancing at $605 amid firm calls for declines under $600. On the downside, losses below the crucial support might extend to $565.
Ethereum is on the verge of a breakdown
Ether is fighting tooth and nail to hold the support at the ascending channel’s lower boundary. The bearish outlook was validated after the price closed the day under the middle layer resistance. Moreover, the bearish narrative will be confirmed if ETH made a daily close under the crucial level at $600.
For now, the least resistance path is downwards, especially with the Relative Strength Index gradually moving toward the midline. The expected losses might stretch to the 50 Simple Moving Average at $565 on the 4-hour chart. However, the subtle buyer congestion at $565 could absorb some of the selling pressure.
ETH/USD 4-hour chart
Read more
ETH/USD price chart by Tradingview
Therefore, it should the bulls’ priority to keep the price above $600 and defend the support at the ascending channel’s lower boundary. This will play a very vital role in ensuring the bearish outlook is sabotaged.
Ethereum will embark on the uptrend to the recent yearly high at $636 if the support at $600 is defended firmly. Trading above the hurdle at $620 is likely to call for more buy orders. If enough buying pressure is created, ETH/USD might even overshoot the yearly high for new highs towards $700.
Ethereum intraday levels
Spot rate: $605
Relative change: -10
Percentage change: -1.7%
Trend: Bearish bias
Volatility: Expanding
The post Ethereum fights to stay above $600 while breakdown to $565 seems inevitable appeared first on Coingape .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Cool huh? Please read the full Article: Ethereum fights to stay above $600 while breakdown to $565 seems inevitable


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News