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Ethereum

Ethereum Could Correct Gains, Why Dips Remain Attractive Near $530


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 – 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 – $530

Major Resistance Level – $560



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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin17,027 2.93 % 10.87 % 4.50 %
Ethereum504.02 0.13 % 15.31 % 5.13 %
XRP0.5185 0.84 % 22.72 % 76.29 %
Tether0.9984 0.13 % 0.12 % 0.07 %
Bitcoin Cash278.07 0.34 % 18.25 % 12.76 %
Litecoin75.37 1.28 % 14.40 % 2.15 %
Chainlink12.39 1.00 % 19.32 % 8.60 %
Polkadot4.790 3.24 % 14.12 % 2.28 %
Binance Coin28.16 3.18 % 15.55 % 0.33 %
Cardano0.1320 2.36 % 19.84 % 23.64 %