Ethereum moved past the pivotal $600 price level on Thursday morning, reaching a high of $617.16 on the Coinbase exchange.
The $600 level is also seen as a major support, from which a bullish trend line has formed.
ETH/USD is heading for an upside break to test a resistance at $615.
ETH/USD Heading For Upside Break
On Thursday morning, Ethereum price broke past the pivotal $600 level and stayed above that for the past hours, reaching a high of $617.16 on the Coinbase exchange. The $600 price level is also considered a major support for ETH/USD as of now.
Most of the price movements today were on the positive side. Although a major price dip occurred earlier, ETH/USD was able to stay above $600, and a reversal quickly followed. After testing the $600 support, ETH/USD formed a bullish trend line, looking to test a resistance at $615. On the upside, a successful break above that could send Ethereum price to $635 later this week. On the other hand, a downside move could erase the recent gains and test the $600 support once again.
The MACD lines currently show a bearish signal for ETH/USD. The RSI score is near 50, hence Ethereum is neither in an overbought nor oversold territory. Trading volume has gradually picked up during the past couple of hours.
Looking at the Technical Indicators:
Hourly MACD — Bearish signal
Hourly RSI — Neutral signal
Major Resistance Level — $615
Major Support Level — $600
Featured Image: Depositphotos/© spaxiax
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.