Ethereum bulls target $620 after reaching highest price level since June 2018
ETH reached a peak of $587 during the Asian trading session on 23 November 2020, with bulls likely aiming for a short-term breakout toward $620.
At the time of writing, Ethereum has gained more than 6% over the past 24 hours and is trading at its highest price since 10 June 2018.
Today’s rise (following an exceptional weekend performance of +15%) is largely driven by data showing that preparation for staking ahead of the ETH 2.0 launch has reached 55%.
To meet the 524,288 ETH threshold required for activation, roughly 230,528 ETH still need to be staked. That total may not be reached in time for the proposed launch date of 1 December 2020, which means the ETH 2.0 genesis block could now arrive in mid-December.
For ETH holders, this could translate into further price gains as that date approaches.
ETH/USD
Ethereum’s momentum has pushed it above several resistance zones, most recently clearing the $500 level.
Although resistance remains significant around $587, a break toward intraday highs near $600 would boost bullish sentiment.
Daily moving averages point to continued upside, reinforcing short-term bullish prospects. The RSI is also in overbought territory, suggesting bulls remain in control.
Daily chart for ETH/USD. Source: TradingView
The 4-hour chart also indicates investors have held on after aggressively buying the dip, as illustrated by yesterday’s candles. The key objective is to keep price above the 20-period exponential moving average (EMA) on the 4-hour chart (around $534) while testing the broader resistance.
ETH/USD 4-hour chart. Source: TradingView
If downward pressure returns and overwhelms the bulls, a break below the 20-EMA (~$534) could see bears target $500 and then the 50-SMA (around $492).
Top altcoins gaining momentum
While Ethereum bulls push for a breakout above $600, ETH is not the only top altcoin that delivered a strong performance over the weekend. Bitcoin, which briefly touched $19,000 on 21 November, has cooled slightly with bulls seeking renewed momentum around $18,400.
Meanwhile, XRP climbed to highs of $0.457 after surging more than 70%. Cardano (ADA) is the top ten gainer this Monday morning, up 16% to $0.14, while Litecoin (LTC) looks set to push past $90 after another weekly high.
Other top-ten altcoins that posted impressive gains include Bitcoin Cash (BCH), Chainlink (LINK) and Polkadot (DOT). These tokens are attempting to retest major resistance levels following double-digit advances over the past 24 hours.