{"id":450501,"date":"2020-11-22T06:28:19","date_gmt":"2020-11-22T06:28:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=450501"},"modified":"2024-06-11T14:08:39","modified_gmt":"2024-06-11T14:08:39","slug":"ethereum-could-correct-gains-530","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-could-correct-gains-530\/","title":{"rendered":"Ethereum Could Correct Gains, Why Dips Remain Attractive Near $530"},"content":{"rendered":"
Ethereum started a strong surge above the $500 resistance against the US Dollar. ETH price traded as high as $562 and it is currently correcting gains.<\/em><\/p>\n This past week, bitcoin<\/a> and ethereum gained bullish momentum above $18,000 and $500 respectively against the US Dollar. ETH price surged further above the $520 resistance and settled well above the 100 simple moving average (4-hours).<\/p>\n The upward move was such that there was a break above a key connecting resistance trend line at $508 on the 4-hours chart of ETH\/USD. The pair gained pace and traded above the $540 and $550 levels<\/a>.<\/p>\n Ether price traded to a new multi-month high near $562 and recently started a short-term correction. It traded below the $550 level, and broke the 23.6% Fib retracement level of the recent upward move from the $503 swing low to $562 high.<\/p>\n <\/a><\/p>\n The first key support on the downside is near the $532 and $530 levels. It is close to the 50% Fib retracement level of the recent upward move from the $503 swing low to $562 high.<\/p>\n On the upside, the $555-$560 zone is a key hurdle for the bulls. A successful break above the $560 resistance might start another rally. In the stated case, ether price is likely to rally towards the $580 and $585 levels.<\/p>\n If Ethereum fails to extend its rise above $560, it could correct lower. The first major support zone sits near the $532 and $530 levels.<\/p>\n If there are more losses, ether price could move down towards the $510 support zone. There is also a major bullish trend line forming with support near $495 on the same chart, where the bulls are likely to take a strong stand.<\/p>\n Technical Indicators<\/p>\n 4 hours MACD \u2013 The MACD for ETH\/USD is slowly losing momentum in the bullish zone.<\/p>\n 4 hours RSI – The RSI for ETH\/USD is correcting lower from the 80 level.<\/p>\n Major Support Level \u2013 $530<\/p>\n Major Resistance Level \u2013 $560<\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum started a strong surge above the $500 resistance against the US Dollar. ETH price traded as high as $562 and it is currently correcting gains. ETH price traded to a new multi-month high near $562 against the US Dollar. The price is currently correcting lower below $550, but it is well above the 100 simple moving average (4-hours). There is a major bullish trend line forming with support near $495 on the 4-hours chart of ETH\/USD (data feed via Kraken). The pair could correct lower, but dips are likely to remain attractive near $530 or $510. Ethereum Price is Showing Positive Signs This past week, bitcoin and ethereum gained bullish momentum above $18,000 and $500 respectively against the US Dollar. ETH price surged further above the $520 resistance and settled well above the 100 simple moving average (4-hours). The upward move was such that there was a break above a key connecting resistance trend line at $508 on the 4-hours chart of ETH\/USD. The pair gained pace and traded above the $540 and $550 levels. Ether price traded to a new multi-month high near $562 and recently started a short-term correction. It traded below the $550 level, and broke the 23.6% Fib retracement level of the recent upward move from the $503 swing low to $562 high. Source: ETHUSD on TradingView.com The first key support on the downside is near the $532 and $530 levels. It is close to the 50% Fib retracement level of the recent upward move from the $503 swing low to $562 high. On the upside, the $555-$560 zone is a key hurdle for the bulls. A successful break above the $560 resistance might start another rally. In the stated case, ether price is likely to rally towards the $580 and $585 levels. Downside Correction in Ether (ETH)? If Ethereum fails to extend its rise above $560, it could correct lower. The first major support zone sits near the $532 and $530 levels. If there are more losses, ether price could move down towards the $510 support zone. There is also a major bullish trend line forming with support near $495 on the same chart, where the bulls are likely to take a strong stand. Technical Indicators 4 hours MACD \u2013 The MACD for ETH\/USD is slowly losing momentum in the bullish zone. 4 hours RSI – The RSI for ETH\/USD is correcting lower from the 80 level. Major Support Level \u2013 $530 Major Resistance Level \u2013 $560<\/p>\n","protected":false},"author":67,"featured_media":450503,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[1946,8686,78803],"class_list":["post-450501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n\n
Ethereum Price is Showing Positive Signs<\/h2>\n
Source: ETHUSD on TradingView.com<\/a><\/pre>\n
Downside Correction in Ether (ETH)?<\/h2>\n