Following its uptrend in recent weeks, Ethereum failed to break the $ 475 resistance and returned to lower levels. The market’s second largest digital currency traded at $ 455, down 0.25 percent from the previous 24 hours.
To Report Cryptopetto, Ethereum rose sharply late last week to above $ 462.5, the Fibonacci level of 0.886. Ethereum’s attempt to reach the $ 475 resistance, the highest price level since September, was successful. But the price of ether could not stay at this level and a few minutes later fell to the level of $ 460.
Despite this price correction, Ethereum is still on an uptrend and has managed to record prices above $ 475. If this level is stabilized, the price of Ethereum could reach $ 500.
Next, if buyers can push the price up, the first resistance level will be at $ 475. Higher resistance levels will be $ 490, $ 500 and $ 511.
On the other hand, if sellers manage to lower the price to below $ 460, the next support will be at the levels of $ 445, $ 439, $ 430 and finally $ 421.
A downward divergence is seen between the Relative Strength Index (RSI) chart and the ether price movements. While the ether hits higher ceilings, the RSI index records a lower ceiling each time. This is a sign of a downward divergence and a possible price correction.
The price of ether against bitcoin (ETH / BTC) throughout November (November) could not break the resistance of the 200-day moving average. The price of this currency pair has risen in recent days, reaching the support of 0.0284, which was the peak price of February.
After this price recovery, Ether moved to the resistance level of 0.029, but failed to break this level and is currently trading at 0.0288.
Then, if sellers can lower the price, the next support levels are at 0.0284, 0.0278 and 0.0272, respectively.
On the other hand, the next important resistance is at the level of 0.0295, which is the 200-day moving average. Subsequent resistances are at the levels of 0.03, 0.0305 and 0.031 (100-day moving average resistance).
The relative strength index has also been unable to break the midfield, indicating the weakness of buyers in controlling market movement. In addition, the Stochastic Index is in the buy saturation zone and shows a bearish intersection.