Ethereum dipped below $500 before the bulls showed their strength close to $480.
The price of Ethereum is making an upward correction but could face a barrier close to $550 and the 100 SMA.
Major Signals
- ETH began an upward correction after creating strong support at $480
- It is witnessing a short term resistance near $528
- Ethereum could test the $550 resistance if it breaks above $528
On Nov 26, the price for BTC, ETH, and other Altcoins witnessed a quick dip. ETH went below the support level of $550 and closed below the 100 SMA. It further declined below $500 before finding support close to the $480 mark.
The sellers tried on two occasions to pull the price down, but they failed both times. Instead, the price began to rise gradually beyond $500.
The price of Ethereum broke the $510 resistance level and even went further beyond the 23.6% Fibonacci retracement level of the latest dip from $623 to $478.
Key resistance is forming close to the $550 level and a short-term triangle resistance close to $528.
The price is likely to test the $550 resistance if it can break the triangle resistance.
The price to move into a positive zone has to break the $550 barrier and close properly above it. However, if it cannot break the $528 or $550 barrier, there could be another dip.
The first support is close to the $510 level and the lower line of the triangle. A drop below these supports could lead to a further decline below $500 with significant support close to $480.
What do you think about the current price of ETH? Let’s discuss in the comment section
