The price of Ether (ETH), the native cryptocurrency of Ethereum, has surpassed $547. Following the breakout, traders are pinpointing several key resistance levels in the near term.
In the short term, traders generally foresee $600 as the major resistance area for Ether as it marked the beginning of a bearish trend starting in May 2018. As such, $600 could act as an area of interest for sellers.
But, traders also believe that if Ether surpasses $600, it would likely enter the $700 to $900 range. Above it, there is little resistance until the all-time high.
The weekly price chart of Ether. Source: TradingView.com Ethereum’s outlook remains positive
The Ethereum network has seen numerous catalysts come into play in recent months.
First, the Ethereum 2.0 network upgrade is progressing, as a large number of Ether continues to flow into the deposit contract address.
Ethereum 2.0 is a significant upgrade to move Ethereum from the proof-of-work (PoW) consensus algorithm to the