Key Highlights:

Ethereum (available on Coinbase) moved past the pivotal $600 price level on Thursday morning, reaching a high of $617.16 on the Coinbase exchange.

The $600 level is also seen as a major support, from which a bullish trend line has formed.

ETH/USD is heading for an upside break to test a resistance at $615.

ETH/USD Heading For Upside Break

On Thursday morning, Ethereum (available on Coinbase) price broke past the pivotal $600 level and stayed above that for the past hours, reaching a high of $617.16 on the Coinbase exchange. The $600 price level is also considered a major support for ETH/USD as of now.

Most of the price movements today were on the positive side. Although a major price dip occurred earlier, ETH/USD was able to stay above $600, and a reversal quickly followed. After testing the $600 support, ETH/USD formed a bullish trend line, looking to test a resistance at $615. On the upside, a successful break above that could send Ethereum (available on Coinbase) price to $635 later this week. On the other hand, a downside move could erase the recent gains and test the $600 support once again.

Source: Tradingview

The MACD lines currently show a bearish signal for ETH/USD. The RSI score is near 50, hence Ethereum (available on Coinbase) is neither in an overbought nor oversold territory. Trading volume has gradually picked up during the past couple of hours.

Looking at the Technical Indicators:

Hourly MACD — Bearish signal

Hourly RSI — Neutral signal

Major Resistance Level — $615

Major Support Level — $600

Featured Image: Depositphotos/© spaxiax

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