{"id":436992,"date":"2020-09-02T05:48:18","date_gmt":"2020-09-02T05:48:18","guid":{"rendered":"https:\/\/wncen.com\/?p=436992"},"modified":"2024-06-11T14:15:52","modified_gmt":"2024-06-11T14:15:52","slug":"ethereum-could-struggle-near-500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-could-struggle-near-500\/","title":{"rendered":"Ethereum Defies Gravity But Here Is Why It Could Struggle Near $500"},"content":{"rendered":"<p><em>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.<\/em><\/p>\n<ul>\n<li>Ethereum is up over 10% and it broke the $465 and $470 resistance levels.<\/li>\n<li>The price traded to a new multi-month high at $490 and settled well above the 100 hourly simple moving average.<\/li>\n<li>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).<\/li>\n<li>The pair is likely to resume its upward move, but it won\u2019t be easy for the bulls to clear the $500 barrier.<\/li>\n<\/ul>\n<h2>Ethereum Price Closing In Towards $500<\/h2>\n<p>In the last couple of analysis, we discussed the chances of a <a href=\"https:\/\/wncen.com\/2020\/09\/01\/ethereum-500-milestone\/\" target=\"_blank\" rel=\"noopener \">strong rise above $400 and $450 in Ethereum<\/a> against the US Dollar. ETH price did break the $450 resistance and it even climbed above the $465 resistance zone.<\/p>\n<p>The upward move was such that ether price climbed above the <a href=\"https:\/\/wncen.com\/2020\/08\/31\/ethereum-smashes-heavy-resistance\/\" target=\"_blank\" rel=\"noopener \">$480 resistance<\/a>. 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.<\/p>\n<p>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.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Ethereum-1.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-436993\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Ethereum-1.png?resize=1828%2C868\" alt=\"Ethereum\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Ethereum-1.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Ethereum-1.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Ethereum-1.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Ethereum-1.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Ethereum-1.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Ethereum-1.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Ethereum-1.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Ethereum price trades above $470. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>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.<\/p>\n<h2>Downsides Are Likely To Be Limited in ETH<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is slowly moving back into the bullish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is still well above the 50 level.<\/p>\n<p>Major Support Level \u2013 $470<\/p>\n<p>Major Resistance Level \u2013 $488<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019t be easy for the bulls to clear the $500 barrier. Ethereum Price Closing In Towards $500 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 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. Downsides Are Likely To Be Limited in ETH 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 \u2013 The MACD for ETH\/USD is slowly moving back into the bullish zone. Hourly RSI &#8211; The RSI for ETH\/USD is still well above the 50 level. Major Support Level \u2013 $470 Major Resistance Level \u2013 $488<\/p>\n","protected":false},"author":67,"featured_media":436996,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,13625,4],"tags":[1946,8686,78803],"class_list":["post-436992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ethereum","category-analysis","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Defies Gravity But Here Is Why It Could Struggle Near $500<\/title>\n<meta name=\"description\" content=\"Ethereum extended its rally by 10% and it broke the $465 resistance. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Defies Gravity But Here Is Why It Could Struggle Near $500","url":"http:\/\/wncen.com\/news\/ethereum-could-struggle-near-500\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum-could-struggle-near-500\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/shutterstock_138316991.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/shutterstock_138316991.jpg?fit=1000%2C657"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ethereum","ethusd","ethusdt"],"dateCreated":"2020-09-02T05:48:18Z","datePublished":"2020-09-02T05:48:18Z","dateModified":"2024-06-11T14:15:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Defies Gravity But Here Is Why It Could Struggle Near $500\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum-could-struggle-near-500\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum-could-struggle-near-500\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/shutterstock_138316991.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/shutterstock_138316991.jpg?fit=1000%2C657\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ethereum\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2020-09-02T05:48:18Z\",\"datePublished\":\"2020-09-02T05:48:18Z\",\"dateModified\":\"2024-06-11T14:15:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/shutterstock_138316991.jpg?fit=1000%2C657","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436992"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=436992"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/436992\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/436996"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=436992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=436992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=436992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}