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Ethereum Struggles Lower Than $485, 100 SMA Seems To Be Key

11/19/2020

Ethereum struggles lower than the $485 level rallying closer to the $495 level but failing to test the $500 level against the US dollar. The ETH price is now correcting gains and is showing bearish signs below the $485 level so let’s read more in today’s ethereum news.

Ethereum started correcting lower and trading below the $485 pivotal level with the price remaining steady at the $470 support level with the 100 hourly simple moving average. There’s also a major bullish trend line at the $474 price range on the hourly charts of the pair and ETH/USD could also drop sharply if there’s a clear break above the $474 level in the near-term. Ethereum rallied above the $480 and the $485 resistance levels but failed to test the $500 zone and even formed a high near the $495 level all while settling well above the 100 hourly simple moving average. There was also a sharp downside correction below $485 so the price even broke the $480 support. However, the bulls were able to protect the $470 support and the 100 hourly simple moving average.

eth chart
Chart of ETH’s price action since it began trading with an anaylsis by crypto trader Into the Crypto Verse (same handle as name on Twitter).

Recently, a new low was formed near the $470 level and the high was at $482 so the price started declining and trading at $480. ETH is now testing the support or the 50% fib retracement level from the wave at $470 low to $482 high with the next major support nearing the $474 level. There’s also a major bullish trend line forming at this level as well on the hourly charts of the pair. The trend line coincided with the 61% fib retracement level from the recent simple moving average but there’s also a break below this trend line at $470. The price could now drop sharply towards $455.

eth total supply
Ethereum Total Supply Source: Glassnode

As Ethereum struggles lower, there’s a chance for the asset to stay above the trend line support of $470 and attempt a new increase. The initial resistance on the upside is close to the $482 high with the first resistance being set at $485. The break above the $485 pivot zone will open the doors for another increase towards the $495 high or even $500. The hourly MACD for the pair is now losing momentum in the bullish zone while the hourly RSI for the pair Is well below 50.