November 27, 2020

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Ethereum Price Analysis: ETH Could Accelerate Above $470 | Live Bitcoin News

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  • Ethereum price is holding gains above the $450 and $440 support levels against the US Dollar.
  • ETH price is currently trading well above $450 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $452 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to accelerate higher once there is a clear break above $470 and $472.

Ethereum price is trading in a positive zone above $450 against the US Dollar. ETH/USD could accelerate higher once again as long as it is above $440.

Ethereum Price Analysis

After a strong rally towards the $480 level, Ethereum price started a downside correction against the US Dollar. ETH price broke the $460 support level and it even spiked below the 55 simple moving average (4-hours).

The price dived below the $450 level, but the bulls were able to protect $440-$441. A swing low was formed near $441 and the price is currently climbing higher. There was a break above the $450 resistance and 55 simple moving average (4-hours).

The price was able to move back above the 50% Fib retracement level of the downside correction from the $479 swing high to $441 swing low. There is also a major bullish trend line forming with support near $452 on the 4-hours chart.

On the upside, there is a key hurdle forming near the $470 level. It is close to the 76.4% Fib retracement level of the downside correction from the $479 swing high to $441 swing low.

A successful break above the $470 resistance level could start a fresh rally towards the $480 level. The next major resistance is near $488, above which the bulls might aim a test of the $500 barrier in the coming sessions.

Conversely, the price might fail to clear the $470 resistance. An initial support on the downside is near the $452 and $450 levels. If there is a downside break below the trend line support, the price could continue to move down.

The next major support is near the $440 zone. Any further losses could open the doors for a larger decline towards the $425 and $420 support levels in the near term.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a positive zone above the $450 support. Overall, ether is likely to accelerate higher once there is a clear break above $470 and $472.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.

Key Support Levels – $450, followed by the $440 zone.

Key Resistance Levels – $470 and $480.

Tags: ETH, Ethereum

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