Ethereum Could Correct Gains, Why Dips Remain Attractive Near $530

Ethereum Could Correct Gains, Why Dips Remain Attractive Near $530
HeadlinesNewsEthereum Could Correct Gains, Why Dips Remain Attractive Near $530

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Ethereum Could Correct Gains, Why Dips Remain Attractive Near $530

NewsBTC1 week ago
Published on November 22, 2020 06:28 GMT+0edited on November 22, 2020 06:32 GMT+0

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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.

  • ETH price traded to a new multi-month high near $562 against the US Dollar.
  • The price is currently correcting lower below $550, but it is well above the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $495 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but dips are likely to remain attractive near $530 or $510.

Ethereum Price is Showing Positive Signs

This past week, bitcoin 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 …