Ethereum Defies Gravity But Here Is Why It Could Struggle Near $500

Ethereum Defies Gravity But Here Is Why It Could Struggle Near $500

Home / Ethereum / Ethereum Defies Gravity But Here Is Why It Could Struggle Near $500

Ethereum extended its rally by 10% and it broke the $465 resistance against the US Dollar. ETH price traded to a new multi-month high at $490 before starting a downside correction.

  • Ethereum is up over 10% and it broke the $465 and $470 resistance levels.
  • The price traded to a new multi-month high at $490 and settled well above the 100 hourly simple moving average.
  • There are two major bullish trend lines forming with support near $470 and $460 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to resume its upward move, but it won’t be easy for the bulls to clear the $500 barrier.
  • In the last couple of analysis, we discussed the chances of a strong rise above $400 and $450 in Ethereum against the US Dollar. ETH price did break the $450 resistance and it even climbed above the $465 resistance zone.

    The upward move was such that ether price climbed above the $480 resistance. A new multi-month high is formed near $490 and the price is currently correcting gains. It broke the $480 level, and the 23.6% Fib retracement level of the recent surge from the $428 swing low to $490 high.

    However, there are many supports near $470 and $465. There are also two major bullish trend lines forming with support near $470 and $460 on the hourly chart of ETH/USD. The second trend line is important since it is close to the 50% Fib retracement level of the recent surge from the $428 swing low to $490 high.

    Ethereum

    Ethereum price trades above $470. Source: TradingView.com

    On the upside, the $488 and $490 levels are immediate hurdles. The main hurdle for the bulls is near the $500 psychological barrier, above which there are chances of another strong surge in the near term.

    If Ethereum fails to clear the $488 resistance or the $500 barrier, it could start a major downside correction. The first key support is near the trend line and the $460 level.

    A clear break below the $460 support and the trend line might lead the price towards the $450 level. The next key support is near the $438 level and the 100 hourly simple moving average.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is slowly moving back into the bullish zone.

    Hourly RSI – The RSI for ETH/USD is still well above the 50 level.

    Major Support Level – $470

    Major Resistance Level – $488

    Source link

    All eyes are on Ethereum this week as DeFi continues to drive the market higher. …

    Source: icryptodesk.com

    Author: admin


    Ethereum Reaches a “Do or Die” Level as It Flips Key $400 Resistance

    Ethereum Reaches a “Do or Die” Level as It Flips Key $400 Resistance

    Bitcoin Investors “Fade the Fed” as BTC Pumps and Dumps Following Powell Speech

    Ethereum has firmly surmounted its $400 for the first time in a few weeks, with buyers now attempting flip this level into support.

    The crypto’s latest upswing has allowed it to outperform both Bitcoin and most other major altcoins significantly

    Analysts are widely noting that the cryptocurrency is reaching a decision point, with its near-term trend likely being determined by how it reacts to the resistance that sits at $405.

    That being said, a support-resistance flip of $380 could be enough to send it flying significantly higher, with one analyst noting that this could lead to an influx of buying pressure.

    At the time of writing, Ethereum is trading up roughly 2% at its current price of $403. This is around the upper boundary of the trading range that the crypto has been caught within in recent weeks.

    It is important to note that while the cryptocurrency has struggled to gain a foothold above $400 on multiple occasions in recent weeks, the strong reaction to its $380 support level seems to have reinvigorated ETH’s bulls.

    One analyst is now noting that he is closely watching for $400 to be confirmed as support, as a flip of this level from resistance to support could be all that it needs to see significantly further upwards momentum.

    “ETH / USD: Seems as though our support level at $380 was once again supported and buyers continue to step in heavily, even though we did bounce back above $400 for a brief minute, $400 still is acting as resistance for now… Expecting pullback to $390 then S/R flip at $400,” he noted.

    Ethereum

    Image Courtesy of Cactus. Chart via TradingView.

    Another analyst explained that $405 is a significant near-term resistance level for Ethereum.

    He believes that a failure for it to surmount this level could cause it to see some significant near-term downside, potentially guiding it as low as $320.

    “Good movement on ETH right up into $405. Somewhere around here is the major decision point for me. Narrative based but I don’t particularly like that this move has been pulled at the weekend, fits into my bias,” he explained.

    Image Courtesy of Cold Blooded Shiller. Chart via TradingView.

    Because of the critical nature of this level, how Ethereum trades in the coming few hours are vital for understanding its mid-term outlook.

    Cole Petersen

    Source: www.newsbtc.com

    Cole Petersen

    Ethereum Reaches a “Do or Die” Level as It Flips Key $400 Resistance

    Ethereum Classic Labs Airs New Plan to Stop Future 51% Attacks

    Home Ethereum Ethereum Classic Labs Airs New Plan to Stop Future 51% Attacks

    • Ethereum

    September 2, 2020

    Source: www.bit-cointalk.com


    Ethereum Defies Gravity But Here Is Why It Could Struggle Near $500

    Ethereum Defies Gravity But Here Is Why It Could Struggle Near $500

    Ethereum extended its rally by 10% and it broke the $465 resistance against the US Dollar. ETH price traded to a new multi-month high at $490 before starting a downside correction.

  • Ethereum is up over 10% and it broke the $465 and $470 resistance levels.
  • The price traded to a new multi-month high at $490 and settled well above the 100 hourly simple moving average.
  • There are two major bullish trend lines forming with support near $470 and $460 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to resume its upward move, but it won’t be easy for the bulls to clear the $500 barrier.
  • In the last couple of analysis, we discussed the chances of a strong rise above $400 and $450 in Ethereum against the US Dollar. ETH price did break the $450 resistance and it even climbed above the $465 resistance zone.

    The upward move was such that ether price climbed above the $480 resistance. A new multi-month high is formed near $490 and the price is currently correcting gains. It broke the $480 level, and the 23.6% Fib retracement level of the recent surge from the $428 swing low to $490 high.

    However, there are many supports near $470 and $465. There are also two major bullish trend lines forming with support near $470 and $460 on the hourly chart of ETH/USD. The second trend line is important since it is close to the 50% Fib retracement level of the recent surge from the $428 swing low to $490 high.

    Ethereum

    Ethereum price trades above $470. Source: TradingView.com

    On the upside, the $488 and $490 levels are immediate hurdles. The main hurdle for the bulls is near the $500 psychological barrier, above which there are chances of another strong surge in the near term.

    If Ethereum fails to clear the $488 resistance or the $500 barrier, it could start a major downside correction. The first key support is near the trend line and the $460 level.

    A clear break below the $460 support and the trend line might lead the price towards the $450 level. The next key support is near the $438 level and the 100 hourly simple moving average.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is slowly moving back into the bullish zone.

    Hourly RSI – The RSI for ETH/USD is still well above the 50 level.

    Major Support Level – $470

    Major Resistance Level – $488

    Aayush Jindal

    Source: www.newsbtc.com

    Author: Aayush Jindal


    SGX to launch bitcoin and ethereum indices with UK's CryptoCompare, Companies & Markets News & Top Stories

    SGX to launch bitcoin and ethereum indices with UK’s CryptoCompare, Companies & Markets News & Top Stories

    SINGAPORE (THE BUSINESS TIMES) – The Singapore Exchange (SGX) is collaborating with UK-based cryptocurrency market data provider CryptoCompare, to launch crypto indices under the SGX iEdge index suite.

    The new indices – iEdge Bitcoin Index and iEdge Ethereum Index – mark SGX Index Edge’s entry into the digital currency asset class.

    Simon Karaban, head of index services at SGX, said: “As the world moves swiftly towards digitalisation in the creation and accumulation of wealth, digital assets are increasingly being adopted by investors. We are excited about this collaboration with CryptoCompare to offer a suite of new indices for market participants in Asia, reinforcing our endeavour to innovate and meet market needs.”

    James Harris, commercial director of CryptoCompare, said: “Our mission is to bring greater transparency to the digital asset class by providing high quality, trusted data and indices.”

    According to research data by CryptoCompare, the total assets under management (AUM) globally of digital asset tracker funds rose from US$220 million in March 2017 to over US$4.5 billion by June 2020, representing a compound annual growth rate of 148 per cent.

    It added: “While much of the AUM is currently captured by asset managers based in the United States and the Europe, Middle East, and Africa (EMEA) region, Asia is well-positioned to raise its share of this global AUM given that Asian fiat-crypto trading pairs now account for 43 per cent of total global spot volumes.”

    Source: otcpm24.com

    Author: News Bureau


    Ethereum Defies Gravity But Here Is Why It Could Struggle Near $500


    Previous
    Ethereum newsCrypto Roundup, 31 August 2020: Ethereum reclaims $400 on relentless rise of DeFi
    Next
    Ethereum newsEthereum Nosedives 10%, But This Support Could Trigger Fresh Increase
    Did the article help? Rate it
    1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
    Loading...
    Add comment

    Get Awesome Reviews

    Coins, exchanges, wallets, crypto games, crypto cards.
    Search for reviews and share your own experience.

    GO TO REVAIN