Ethereum bulls target $620 after reaching the highest price level since June 2018
The ETH price reached $587 during the Asian trading session on November 23, 2020, with bulls probably targeting a breakout to $620 in the short term.
At present, the Ethereum has risen more than 6% in the last 24 hours and is trading at its highest price level since June 10, 2018.
Notably, today’s positive side (after a stellar performance of + 15% over the weekend) comes as data shows that the staking for the ETH 2.0 launch reached 55%.
To reach the 524,288 ETH required before activation, about 230,528 more ETH need to be staked. But the total may not arrive in time for the proposed launch date on 1 December 2020, meaning that the ETH 2.0 genesis block may now arrive in mid-December.
For ETH holders, this could mean further price increases as the date approaches.
Ethereum’s impetus has taken it above several areas of resistance, with the last stage taking it above the $500 level.
Although resistance still looks big around $587, the break to intraday highs near $600 will encourage the bulls.
The daily chart has the moving averages pointing to the continuation of the upward movement, strengthening the short-term bullish outlook. The RSI is also in overbought territory to suggest that the bulls are in the lead.
The 4-hour chart also suggests that investors haven’t given up after aggressively buying the drop, as shown by the candelabras yesterday. The goal is to keep prices above the 20-day exponential moving average ($534).
If the downward pressure resurfaces and oppresses the bulls, a break in the 20-EMA ($534) can bring the bears to the level of $500 and then the 50-SMA ($492).
Increase in the main altcoins
While the Ethereum bulls target an escape of over $600, the top altcoin wasn’t the only one to show an excellent performance over the weekend. The Bitcoin, which came tentatively close to $19,000 on November 21, cooled down a bit as the bulls sought a new boost around $18,400.
Meanwhile, the XRP reached highs of $0.457 after rising over 70%. Cardano (ADA) is the top 10 winner on Monday morning with a price increase of 16% to $0.14 while Litecoin (LTC) is ready to explode above $90 after a new weekly high.
Another top 10 high that has recorded impressive gains are Bitcoin Cash (BCH), ChainLink (LINK) and Polkadot (DOT). All of these tokens are trying to retest the major resistance levels after double digits upsides in the last 24 hours.
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