Ethereum Chart Analysis: ETH looks to regain $600 amid falling wedge breakout


  • ETH bulls gear up for a fresh leg higher.
  • Falling wedge breakout confirmed on the 4H chart.
  • RSI stays bullish, a test of the $600 mark inevitable.

ETH/USD is building onto Saturday’s recovery, as the bulls look to regain the $600 threshold amid a favorable technical setup on the four-hour chart.

ETH/USD: 4-hour chart

The price has finally dived out of the two-week-old falling wedge formation, confirming a breakout on a close above the pattern resistance of $567.

The upside break also prompted the bulls to clear a critical resistance of $572, which is the confluence of the 50-simple moving average (SMA) and 100-SMA.

Acceptance above the latter opens doors for a test of the $600 mark. Buyers will then target the December 1 high of $636.53.

The Relative Strength Index (RSI) points north, now standing at 57.71, indicating the additional upside remains on the cards.

On the flip side, immediate support is seen at the horizontal 21-SMA at $558.

The next significant cushion awaits at $536, which is the upward-sloping 200-SMA.

ETH/USD: Additional levels to watch

ETH/USD

Overview
Today last price 575.45
Today Daily Change 6.80
Today Daily Change % 1.20
Today daily open 568.64
 
Trends
Daily SMA20 575.77
Daily SMA50 494.86
Daily SMA100 429.83
Daily SMA200 364.98
 
Levels
Previous Daily High 574.33
Previous Daily Low 543.22
Previous Weekly High 607.46
Previous Weekly Low 530.32
Previous Monthly High 623.22
Previous Monthly Low 370.5
Daily Fibonacci 38.2% 562.45
Daily Fibonacci 61.8% 555.1
Daily Pivot Point S1 549.8
Daily Pivot Point S2 530.95
Daily Pivot Point S3 518.69
Daily Pivot Point R1 580.91
Daily Pivot Point R2 593.17
Daily Pivot Point R3 612.02

 

 

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