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{"id":450782,"date":"2020-11-25T05:28:06","date_gmt":"2020-11-25T05:28:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=450782"},"modified":"2024-06-11T08:34:11","modified_gmt":"2024-06-11T08:34:11","slug":"ethereum-weakens-below-600","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-weakens-below-600\/","title":{"rendered":"TA: Ethereum Weakens Below $600: Why 100 SMA Could Trigger Fresh Increase"},"content":{"rendered":"

Ethereum started a downside correction from the $620 zone against the US Dollar. ETH price is now trading near a major support at $580 and the 100 hourly SMA<\/em><\/p>\n

\n
Ethereum started a downside correction after it failed to clear the $620 and $625 resistance levels.<\/li>\n
The price traded below the $600 support, but it is still above the 100 hourly simple moving average.<\/li>\n
There is a key declining channel forming with resistance near $600 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n
The pair could either climb above $600 or extend its decline towards the $550 support level.<\/li>\n<\/ul>\n
Ethereum Price Corrects Lower<\/h2>\n
There were two attempts by Ethereum to surpass the $620 resistance level<\/a>, but it failed. As a result, there was a bearish reaction and the price broke the $612 and $600 support levels.<\/p>\n
The decline gained pace below the $600 support level and the price even broke the $585 level. Ether found support near the $580 level (the last key breakout zone) and it is still well above the 100 hourly simple moving average<\/a>.<\/p>\n
The price is currently consolidating losses above the $580 support. It is testing the 23.6% Fib retracement level of the recent decline from the $612 swing high to $580 swing low.<\/p>\n
$\"Ethereum$ <\/a><\/p>\n
Source: ETHUSD on TradingView.com<\/a><\/pre>\n
On the upside, there is a major resistance forming near the $600 level. There is also a key declining channel forming with resistance near $600 on the hourly chart of ETH\/USD. The channel resistance coincides with the 50% Fib retracement level of the recent decline from the $612 swing high to $580 swing low.<\/p>\n
A successful break above the channel resistance could start a fresh increase above $605. The next major resistance is near $612, above which ether is likely to revisit the $620 resistance zone.<\/p>\n
More Losses in ETH?<\/h2>\n
If ethereum fails to break the $600 resistance level, there could be more losses. The first major support is near the $580 level, below which the price could test the 100 hourly simple moving average at $570.<\/p>\n
A clear break below the 100 hourly simple moving average may perhaps spark a larger downside correction below $565. The next major support could possibly be near the $550 level.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is slowly gaining momentum in the bearish zone.<\/p>\n
Hourly RSI – <\/strong>The RSI for ETH\/USD is now well below the 50 level.<\/p>\n
Major Support Level \u2013 $580<\/p>\n
Major Resistance Level \u2013 $600<\/p>\n","protected":false},"excerpt":{"rendered":"
Ethereum started a downside correction from the $620 zone against the US Dollar. ETH price is now trading near a major support at $580 and the 100 hourly SMA Ethereum started a downside correction after it failed to clear the $620 and $625 resistance levels. The price traded below the $600 support, but it is still above the 100 hourly simple moving average. There is a key declining channel forming with resistance near $600 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could either climb above $600 or extend its decline towards the $550 support level. Ethereum Price Corrects Lower There were two attempts by Ethereum to surpass the $620 resistance level, but it failed. As a result, there was a bearish reaction and the price broke the $612 and $600 support levels. The decline gained pace below the $600 support level and the price even broke the $585 level. Ether found support near the $580 level (the last key breakout zone) and it is still well above the 100 hourly simple moving average. The price is currently consolidating losses above the $580 support. It is testing the 23.6% Fib retracement level of the recent decline from the $612 swing high to $580 swing low. Source: ETHUSD on TradingView.com On the upside, there is a major resistance forming near the $600 level. There is also a key declining channel forming with resistance near $600 on the hourly chart of ETH\/USD. The channel resistance coincides with the 50% Fib retracement level of the recent decline from the $612 swing high to $580 swing low. A successful break above the channel resistance could start a fresh increase above $605. The next major resistance is near $612, above which ether is likely to revisit the $620 resistance zone. More Losses in ETH? If ethereum fails to break the $600 resistance level, there could be more losses. The first major support is near the $580 level, below which the price could test the 100 hourly simple moving average at $570. A clear break below the 100 hourly simple moving average may perhaps spark a larger downside correction below $565. The next major support could possibly be near the $550 level. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH\/USD is now well below the 50 level. Major Support Level \u2013 $580 Major Resistance Level \u2013 $600<\/p>\n","protected":false},"author":67,"featured_media":450784,"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-450782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nTA: Ethereum Weakens Below $600: Why 100 SMA Could Trigger Fresh Increase<\/title>\n<meta name=\"description\" content=\"Ethereum started a downside correction from $620. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Ethereum Weakens Below $600: Why 100 SMA Could Trigger Fresh Increase","url":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-weakens-below-600\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ethereum\/ethereum-weakens-below-600\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/11\/shutterstock_600775706.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/11\/shutterstock_600775706.jpg?fit=1000%2C714"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ethereum","ethusd","ethusdt"],"dateCreated":"2020-11-25T05:28:06Z","datePublished":"2020-11-25T05:28:06Z","dateModified":"2024-06-11T08:34:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Ethereum Weakens Below $600: Why 100 SMA Could Trigger Fresh Increase\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-weakens-below-600\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/ethereum-weakens-below-600\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/shutterstock_600775706.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/shutterstock_600775706.jpg?fit=1000%2C714\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ethereum\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2020-11-25T05:28:06Z\",\"datePublished\":\"2020-11-25T05:28:06Z\",\"dateModified\":\"2024-06-11T08:34:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/11\/shutterstock_600775706.jpg?fit=1000%2C714","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/450782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=450782"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/450782\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/450784"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=450782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=450782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=450782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}