Ethereum Price Trades Below $600 but Bullish Sentiment Prevails

Ethereum, the major altcoin of the global market, is seen booming as Bitcoin and peer altcoins gain massive momentum. Alongside, ETH coin is seen pumping since the beginning of the ongoing quarter as the price trend remains inclined towards the upper BB and has already breached the major 2-year resistance above $600 at $635, while currently trades at $594.39. When compared, Ethereum was seen trading with a stagnant momentum until the last quarter and faced a stringent resistance at $490, followed by $500.

Moreover, Ethereum is an influential crypto as DeFi space amplifies. As the users of DeFi increase, Ethereum is seen booming, and investors are seen holding rather than transacting to swap against ETH 2.0 after its launch. ETH 2.0 will be a fresh breakthrough to edge the innovation in the oldest and the largest altcoin by market capitalization.

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Ethereum Price Analysis

Ethereum News
ETH/USD Chart By TradingView

At the time of penning down this analysis, ETH was seen trading 6 Dollars below $600 after a slight intraday pullback, but the Bull Run stage prevails in the entire market as reflected by current momentum. The rise in ETH price is seen gaining momentum against the US Dollar and is breaching the upper 20-day Bollinger Band, while the BB is seen widening moderately, and the volatility is likely to expand with the same degree.

With the bullish sentiment, Ethereum is retaining support from 50-day and 200-day daily MA at $478 and $356, respectively. The MACD indicator reflects a slight bearish crossover due to a change in current price dynamism, while the RSI is also seen pulling back from the overbought zone slightly, lies at 59.29.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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