- The Bulls say no bear pressure; Ethereum price breaks above critical resistance at $520.
- Ethereum trading volume spikes from $1.2 billion to $1.4 billion in 24 hours.
The cryptocurrency market opened the second week in a row in declines. However, the bulls in the market said no to the extended selling pressure in the afternoon (GMT) trading session on Monday. Ethereum price using the support at $490, welcomed the bullish gains and spiked above the critical resistance at $500 and at above the 61.8% Fib retracement level with last high leg of $608 and a low of $463 around $520.
The trading for Ethereum according to CoinMarketCap was approximately $1.2 billion on Monday 19 but it has gone higher at the time of writing and stands at $1.4 billion. The trend is currently bullish and supported weakly at $520.
The area at $540 is the upper supply zone, besides trading above this will open the door for ETH/USD to tackle the key resistance at $580 before retracing towards the coveted $600. The 100 Simple Moving Average is supporting the price at $500, moreover, the shorter term 50 SMA will prevent declines towards the key support area at $490. The lower demand zone lies at $480, however, it is an overstretch for Ethereum in the near-term.
ETH/USD 1-hour chart