{"id":5750,"date":"2020-11-29T06:08:15","date_gmt":"2020-11-29T06:08:15","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=451033"},"modified":"2020-11-29T06:08:15","modified_gmt":"2020-11-29T06:08:15","slug":"how-ethereum-could-stage-rally-to-600-if-it-clears-550","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/how-ethereum-could-stage-rally-to-600-if-it-clears-550\/","title":{"rendered":"How Ethereum Could Stage Rally To $600 If It Clears $550"},"content":{"rendered":"<p><em>Ethereum started a fresh increase from the $480 support zone against the US Dollar. ETH price must surpass $550 to start a strong upward move towards $600.<\/em><\/p>\n<ul>\n<li>ETH price declined heavily from $620 and it even tested $480 against the US Dollar.<\/li>\n<li>The price is currently recovering above $500 and the 100 simple moving average (4-hours).<\/li>\n<li>There is a key bearish trend line forming with resistance near $550 on the 4-hours chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could rise sharply towards $580 and $600 if it clears the $550 resistance.<\/li>\n<\/ul>\n<h2>Ethereum Price is Approaching Next Break<\/h2>\n<p>This past week, <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-climbs-5-18-2k-holds-key\/\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> and ethereum saw a sharp downside correction below $17,000 and $550 respectively against the US Dollar. ETH price even spiked below the $500 support and the 100 simple moving average (4-hours).<\/p>\n<p>It tested the $480 support level and formed a support base for a <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-steadies-above-500\/\" target=\"_blank\" rel=\"noopener noreferrer\">fresh increase<\/a>. Ether recovered above the $500 level and the 100 simple moving average (4-hours). The price even climbed above the 23.6% Fib retracement level of the downside correction from the $620 swing high to $480 swing low.<\/p>\n<p>The price is now approaching a major resistance area near $550. There is also a key bearish trend line forming with resistance near $550 on the 4-hours chart of ETH\/USD.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-24.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-451034\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-24.png\" alt=\"Ethereum Price\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-24.png 1828w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-24-460x218.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-24-860x408.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-24-768x365.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-24-1536x729.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-24-750x356.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/11\/Ethereum-24-1140x541.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 50% Fib retracement level of the downside correction from the $620 swing high to $480 swing low is also near the $550 level to act as a major resistance. A successful break above the $550 level could spark a strong upward move.<\/p>\n<p>The next key resistance is near the $580 level. If ether clears the $580 resistance, it could even retest or surpass the $600 resistance level in the coming sessions.<\/p>\n<h2>Fresh Decline in Ether (ETH)?<\/h2>\n<p>If Ethereum fails to extend its rise above $550, it could start another downward move. The first major support zone sits near the $520 level.<\/p>\n<p>The 100 simple moving average (4-hours) is also near the $512 level to act as a major support. A downside break below the $512 level and $500 might put ether at a risk of more losses below $480.<\/p>\n<p>Technical Indicators<\/p>\n<p>4 hours MACD &ndash; The MACD for ETH\/USD is slowly gaining momentum in the bullish zone.<\/p>\n<p>4 hours RSI &ndash; The RSI for ETH\/USD is now above the 50 level, but showing a few bearish signs.<\/p>\n<p>Major Support Level &ndash; $512<\/p>\n<p>Major Resistance Level &ndash; $550<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum started a fresh increase from the $480 support zone against the US Dollar. ETH price must surpass $550 to start&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5751,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[283,73,111,113],"class_list":["post-5750","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\/5750"}],"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=5750"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5750\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5751"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}