Ethereum became vulnerable as the $600 level now acts as a stop for further increasing of the price. ETH faced an increase in selling and dropped to $550 against the US dollar with the ETH price correcting higher while more upsides are likely to remain below $590 as we can see in today’s ETH price news.
It declined sharply below the $600 level and the $580 support levels as Ethereum became vulnerable below these levels. The price is recovering from the $550 level below the 100 hourly simple moving average and a key bearish trend line that formed with the resistance of $592 on the hourly charts of the pair that could resume its drop as long as it is below $595. Ripple saw a huge decline below $0.400 and $0.300 that resulted in bearish moves in BTC and ETH with Ethereum’s price crashing below $600 and $580 support levels.
The drop was such that the price spiked below $565 support and settled below the 100 hourly simple moving average and tested the $550 support level which started the upside correction. There was a break above the $565 level and the price recovered above the 23.6% fib retracement level from the decline of the $539 high to the $550 swing low but the price faced many hurdles near the $590. There’s also a key bearish trend line formed with resistance near $592 on the chart of the pair. The trend is close to the 50% fib retracement level from the drop of the $539 high to the $550 swing low.
Breaking above the $595 and the $600 resistance level could now open the doors for more upsides as the next major resistance nearing the $620 level and the 100 hourly simple moving average. If ETH fails to surpass the $595 and the $600 resistance levels, it could start a fresh drop with initial support on the downside nearing the $570 level. the first major support is near the $565 level with the main support nearing the $550 level below which there’s a risk of a sharp decline with the price revisiting the $520 support zone.
ETH now trades at $590 but traded as low as $550 in just 30 minutes on leading centralized exchanges. The market move strongly with the cryptocurrency not being able to reach the level on decentralized exchanges.