{"id":5548,"date":"2020-11-22T06:28:19","date_gmt":"2020-11-22T06:28:19","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=450501"},"modified":"2020-11-22T06:28:19","modified_gmt":"2020-11-22T06:28:19","slug":"ethereum-could-correct-gains-why-dips-remain-attractive-near-530","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/ethereum-could-correct-gains-why-dips-remain-attractive-near-530\/","title":{"rendered":"Ethereum Could Correct Gains, Why Dips Remain Attractive Near $530"},"content":{"rendered":"<p><em>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<ul>\n<li>ETH price traded to a new multi-month high near $562 against the US Dollar.<\/li>\n<li>The price is currently correcting lower below $550, but it is well above the 100 simple moving average (4-hours).<\/li>\n<li>There is a major bullish trend line forming with support near $495 on the 4-hours chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could correct lower, but dips are likely to remain attractive near $530 or $510.<\/li>\n<\/ul>\n<h2>Ethereum Price is Showing Positive Signs<\/h2>\n<p>This past week, <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-near-crucial-juncture-why-btc-could-surge-above-18-8k\/\" target=\"_blank\" rel=\"noopener noreferrer\">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<p>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 <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-likely-gearing-for-500\/\" target=\"_blank\" rel=\"noopener noreferrer\">$540 and $550 levels<\/a>.<\/p>\n<p>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<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-18.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-450502\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-18.png\" alt=\"Ethereum Price\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-18.png 1828w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-18-460x218.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-18-860x408.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-18-768x365.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-18-1536x729.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-18-750x356.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-18-1140x541.png 1140w\" sizes=\"(max-width: 1828px) 100vw, 1828px\"\/><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener noreferrer\">ETHUSD on TradingView.com<\/a><\/pre>\n<p>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<p>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<h2>Downside Correction in Ether (ETH)?<\/h2>\n<p>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<p>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<p>Technical Indicators<\/p>\n<p>4 hours MACD &ndash; The MACD for ETH\/USD is slowly losing momentum in the bullish zone.<\/p>\n<p>4 hours RSI &ndash; The RSI for ETH\/USD is correcting lower from the 80 level.<\/p>\n<p>Major Support Level &ndash; $530<\/p>\n<p>Major Resistance Level &ndash; $560<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum started a strong surge above the $500 resistance against the US Dollar. ETH price traded as high as $562 and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5549,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[283,73,111,113],"class_list":["post-5548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-eth","tag-ethereum","tag-ethusd","tag-ethusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5548"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5548"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5548\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5549"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}