The Ethereum (ETH) needs to pull above the $600 resistance level quickly so as to deny the bears the opportunity to enter and reverse the accrued gains.
Today, majority of the altcoins in the market are posting incredible gains after what looks like a successful weekend session. In addition, ETH/USD bullish action extended above the $570 resistance level and move towards a $600 level. Meanwhile, an intraday high was formed at $595.
What to Expect from Ethereum (ETH)?
The current technical levels suggest that the bulls are not yet done because the longer they stay under the $600 resistance level, the more they allow the sellers to regroup and force a reversal which could lead to support levels of $520, $500, and $480 respectively. For now, the trend is in the bulls’ hands as the RSI (14) is now moving further towards the north.
Moreover, as long the price stays above the 9-day and 21-day moving averages, bulls may remain relatively in charge and the next significant resistance could be $620, which may give way for gains towards the $650, $670, and $690 resistance levels.
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