Ethereum NewsPrice Analysis

Ethereum Price Prediction: ETH Price Up Over 8%, Aiming $600

  • Ethereum price prediction is bullish towards $600-620.
  • Ethereum price is up over 8 percent.
  • The ETH price is expected to go even higher as the ETH 2.0 launch date approaches.

Ethereum price prediction is showing some bullish momentum as the token price is over 8%, settling at $582 at the time of writing. Furthermore, the token’s price could go even higher towards $600 or $620.

ETH hourly price analysis chart: TradingView
ETH hourly price analysis chart: TradingView

Additionally, Ethereum gained bullish momentum when it managed to break free from the $530 resistance level. Even more, it went on to break the $550 resistance against USD. Notably, the token also surpassed the 100 hourly simple moving average (SMA).

If the bulls can push the ETH price above $592 then rallying to $620 is possible. This also means the ETH price is likely to surge towards the $620 resistance or the $623 swing high. A further sharp increase in the ETH price may lead to gains reaching the $700 level. Moreover, if the relative strength index (RSI) sustains above 60, it shows a bullish momentum.

Ethereum Price Analysis, ETH 2.0 Launching Soon

Furthermore, there was also a break above the 50% Fibonacci retracement level. Also, Ether tested the $590 resistance level. This could mean the bears are protecting the 76.4% Fib retracement level of the key decline from the $623 swing high to $478 low.

Adding on, any downfall break below the $580 support level might result in a further decline. The next major support is near the $560 and $550 levels. Following then, any further losses could lead ether towards the $530 support level.

However, there could be a minor downside correction if Ethereum fails to clear the $590 resistance level. Moreover, if the price goes down from the current levels to $520, a retest will be on the cards for the $482.

Also, the launch of Ethereum 2.0 is likely to take place tomorrow, December 1. Crypto strategist and influencer Lark Davis notes that,

Obviously, Ethereum and the launch of ETH 2.0 on December 1st, it’s a pretty damn big deal for Ethereum.

It is also something big for the overall crypto market. “I expect we’re going to see a lot of interest continuing in Ethereum”, added Davis.

Takunda Matsuro

A devoted content specialist who is passionate about the blockchain and crypto industry. When she isn’t writing news, she’s probably watching documentaries, reading books by Nobel prize authors, or singing.

Related Articles

Back to top button