Ethereum has become impulsive and non-volatile after rejecting $620 to $600 area. Ethereum found support around $500 psychological support level. Bulls to regain momentum again in the process? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
November 27, 2020, | AtoZ Markets – ETH/USD is trading under 8.33% at its present value of $520, which denotes an eminent decay from its daily highs of $577 today when the bulls endeavour to start another recovery. In the following negative developments, ETH/USD may discover some support in the lower $500 area, as Ethereum has bounced numerous times afterwards visiting this area. Ethereum is currently trading around $520 area and trying to recover higher. The price also found support on the dynamic level of 20 EMA on the daily chart. As per the current price action, ETH may face strong resistance around $540 to $550 area in the coming days.
Ethereum Found Support as Bulls Are Still Optimistic
Ethereum is currently residing near $520 area and trying to push upside. However, the price also broke below the Bollinger Bands middle band on the intraday chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum found support and currently trading around $520 area. As per the current price action, if the price rejects the bullish channel resistance with an impulsive bearish candle close and breaks below $500 to $480 support, the bears may decline towards $450 to $440 area in the process. Alternatively, if the price breaks above the bullish channel resistance and had a close above $540 to $550 area, the bulls may recover upside towards $600 to $620 area in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands middle band. The dynamic level may act as strong resistance to push the price downside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process. However, the bulls may regain momentum if the price breaks above the dynamic level in the coming days.
ETH May Sustain the Bullish Trend
According to the daily chart, Ethereum found support at the dynamic level of 20 EMA and bounced higher. As per the current scenario, if the price pushed further higher and had a daily close above $540 to $550 resistance level, the bulls may continue the bullish trend towards $600 to $620 area as a first target. The second target will be $690 to $700 area if the price can break above $600 to $620 area in the coming days.
Image: Ethereum Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line. The dynamic level may hold the price as strong support and push further upside. Also, the Kijun line may work as a confluence of the dynamic level in the process.
To conclude, Ethereum has successfully filled up the bullish gap of last week and had a daily close above $480 to $500 support level. Another daily close is required to identify the definite momentum in the coming days.