Ethereum bulls are targeting $620 after hitting the highest price level since June 2018
The price of ETH has surged to highs of $587 during the Asian trading session on 23 November 2020, with bulls likely to target a breakout to $620 in the short-term.
At the moment, Ethereum is up more than 6% in the past 24 hours and is trading at its highest price level since 10 June 2018.
Notably, today’s upside (after the weekend’s stellar +15% performance) comes as data shows that staking in preparation for the launch of ETH 2.0 has reached 55%.
To hit the threshold of 524,288 ETH needed before the activation, roughly 230,528 more ETH needs to be staked. But the total may not come in time for the proposed 1 December 2020 launch date, which means the genesis block for ETH 2.0 might now come in mid-December.
For ETH holders, it could mean further price surges as that date draws closer.
Ethereum’s momentum has taken it above several resistance areas, with the latest leg taking it above the $500 level.
Although overhead resistance still looms large around $587, the breakout to intraday highs near $600 will encourage bulls.
The daily chart has the moving averages pointing to a continuation of the upward move, strengthening the short-term bullish outlook. The RSI is also in the overbought territory to suggest bulls hold the upper hand.
ETH/USD daily chart. Source: TradingView
The 4-hour chart also suggests investors have not let up after aggressively buying the dip as shown by the candlesticks yesterday. The target is to keep prices above the 20-day exponential moving average ($534) while attacking the overhead resistance.
ETH/USD 4-hour chart. Source: TradingView
If downward pressure resurfaces and overwhelms the bulls, a break to the 20-EMA ($534) could see bears target the $500 level and then the 50-SMA ($492).
Top altcoins surge
While Ethereum bulls target a breakout above $600, the top altcoin wasn’t alone in posting a superb weekend performance. Bitcoin, which came tantalisingly close to hitting $19,000 on 21 November, has cooled off slightly as bulls seek fresh impetus around $18,400.
Meanwhile, XRP has touched highs of $0.457 after surging by more than 70%. Cardano (ADA) is the biggest top 10 gainer this Monday morning with a 16% price surge to $0.14, while Litecoin (LTC) is ready to explode above $90 after a new weekly high.
Other top 10 altcoins that have posted impressive gains are Bitcoin Cash (BCH), ChainLink (LINK), and Polkadot (DOT). All these tokens are looking to retest major resistance levels after double-digit upsides in the past 24 hours.