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ETH Steady Price Action Moves The Coin To $500: Analysis

Stefan by Stefan
27/11/2020
in Ethereum News
Reading Time: 2 mins read
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Ethereum Could Climb , eth, price, market, level
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The ETH Steady price action moved the coin towards the $500 price range before the bulls appeared near the $480 against the US dollar. The price corrected higher but it will likely start a strong resistance near the $550 and the 100 hourly SMA so let’s read more in the latest ethereum price news.

Ethereum started an upside correction after it formed strong support at $480. The price faced a strong resistance close to the $550 and the 100 hourly simple moving average with a short-term contracting triangle forming with the resistance at $528 on the hourly charts of the pair. The pair could test the $550 resistance if it manages to the triangle resistance zone. There was a sharp decline in BTC and ETH, Ripple, and other altcoins. The coin broke the $550 support level and settled below the 100 hourly simple moving average and now the ETH steady price action moves the coin towards $500.

eth/usd
Source ETH/USD on TradingView.com

The price movement opened the doors for more downsides and the price spiked below $500. ETH then found a support zone near the $480 level with the bears making two attempts to clear the $480 support but they failed to do so. The price started a strong recovery wave above the $500 level.  There was a break above the $510 resistance level as the coin climbed above the 23.6% Fib retracement level from the recent decline at $623 swing high to the $478 low. looking at the upside, there’s a major hurdle forming close to the $550 level and the 100 hourly simple moving average. There’s also a short-term contracting triangle forming with the resistance close to the $528 on the charts of the ETH/USD pair.

the chart
Chart of ETH’s price action during flash dump from “Hsaka”. Source ETHUSD from TradingView.com

If there’s an upside break above the triangle resistance, ETH could test the $550 level and it is close to the 50% fib retracement level from the decline at $623 swing high to the $478 low. The move into the positive zone, the price has to clear the $550 resistance and will likely settle above the 100 hourly SMA. If ETH fails to recover above the $550 level, there will be a fresh decline with the initial support is close to the $510 level and the triangle lower trend line. The downside break below the triangle support will push the price below the $500 level with the main support nearing the $480 level below which there’s a risk of a drop to the $450 level. The hourly MACD for the pair is losing momentum in the bullish zone while the RSI for the pair is closing to the 50 level.

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Tags: eth analysiseth priceeth steady priceEthereum Priceethereum price analysisprice action
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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