Ethereum is ready to grow to $ 600, the question is when

ETH is Ready To TAKEOFF!! & My Price Prediction 🚀🚀

CONTENT

  • Ethereum Breaks Long-Term Resistance Around $ 360

  • Technical indicators are bullish

  • Ethereum price is at the stage of formation of the fifth wave

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Ethereum (ETH) broke through long-term resistance and tested support for strength. The trend remains bullish as long as the price holds above this level

Exiting the long-term range

Cryptocurrency trader @CryptoMichNL cited the Ethereum chart, stating that if the coin manages to gain a foothold at current levels, we will continue to grow to $ 500..

Source: twitter

In early July, the price of Ethereum finally broke through the $ 360 level, above which the coin has not risen since July 2018. This area was tested repeatedly as support over the next several weeks. If the price continues to rise, the next significant resistance will be the area near $ 620.

Technical indicators point to further price increases. RSI and Stochastic are in the overbought zone, none of them are forming either bullish or bearish divergence. MACD declined slightly last week, but this did not lead to bearish divergence and a reversal signal. Thus, ETH will continue to rise over the weekly time frame.

ETH Chart Source TradingView
Possible weakness?

The daily chart shows that the price has already crossed the descending resistance line, which goes from the high of August 15. Resistance $ 440 is now in the immediate area.

Meanwhile, the nearest important support is far below, at $ 360.

ETH Chart Source TradingView

Now the technical indicators are giving bullish signals despite the weak volume on the rise. The MACD gave a bullish reversal signal, while the stochastic RSI formed a bullish cross. Moreover, the RSI indicator broke the bearish divergence trend line from August 15.

Most of the signs indicate that the price will continue to move up.

Ethereum is going to $2,000+ PER ETH in 2021 — Here’s Why! 🤑

ETH Chart Source TradingView

Wave analysis

Ethereum is ready to grow to $ 600, the question is when

Starting on June 26, the price has moved within the fifth upward wave (shown in white below). Given the magnitude of the first and second subwaves (shown in black), we can assume that the fifth wave will last up to $ 600.

Projecting wavelengths 1-3 to the bottom of wave 4 gives us a target of $ 565. A dip below the bottom of the fourth wave at $ 370 negates this wave analysis.

ETH Chart Source TradingView

In conclusion, Ethereum is expected to continue moving up towards the next nearest resistance area around $ 600..

Disclaimer

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Ethereum (ETH) broke through long-term resistance and tested support for strength. The trend remains bullish as long as the price holds above this level

Exiting the long-term range

Cryptocurrency trader @CryptoMichNL cited the Ethereum chart, stating that if the coin manages to gain a foothold at current levels, we will continue to grow to $ 500..

Ethereum is ready to grow to $ 600, the question is when
Ethereum is ready to grow to $ 600, the question is when
Ethereum is ready to grow to $ 600, the question is when
Ethereum is ready to grow to $ 600, the question is when

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