Ethereum price analysis: ETH/USD bullish flag pattern supported above $600, Ethereum and Bitcoin now available for trading in Taxes on Robinhood App
|- Ethereum and Bitcoin assets are now available for trading in Taxes on the Robinhood app.
- Ethereum price is trading at $609, while a weak bullish momentum is fighting to break past the resistance present at $612.
Ethereum price rejected the support that had been accorded to it at $608 - $604 during the trading session yesterday. ETH/USD dropped sharply below $600 before finding a support area at the 61.8% Fib retracement level with the previous swing high of $625 and a $577 low. The bulls reacted to the slide, forcing a jump back above the $600 resistance, moreover, it tested another resistance at $616 before starting to correct lower.
In other Ethereum related news, Ethereum alongside Bitcoin have been listed on the Robinhood trading app, the residents of Texas can now exchange these assets. The post on Twitter said:
“Texas, we're not messing with you. You can now trade Bitcoin and Ethereum commission-free, on Robinhood Crypto.”
Robinhood has chosen a step-by-step method of launching trading in all of the states in the U.S. It rolled out trading in the states of Virginia, Utah, Arizona, Indiana as well as Pennsylvania in May 2018. The app has future plans of providing trading to European investors too. On Robinhood app, investors can purchase cryptos as small as 0.00001BTC and 0.001ETH.
Technically, Ethereum price is trading at $609, while a weak bullish momentum is fighting to break past the resistance present at $612. The region at $616 will be a hurdle as the price recoils towards $620. On the downside, Ethereum price has been supported by the 23.6% Fib retracement level with the last swing high of $625 and a low of $577. Below this level, ETH/USD will find more support from the 100 SMA close to $605, however, the major support is seen at $580.
ETH/USD 1-hour chart
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