Ethereum Enters Price Correction Mode! How Long Can This Situation Last?

By Crypto sever | Cryptoo-news | 8 Nov 2020


Ethereum price started a strong increase above $ 400 and traded close to $ 465 against the US Dollar. According to successful analyst Aayush Jindal, Ethereum is now correcting its price gains, but it is likely to climb to $ 465 again.

• Ethereum price surged above the $ 400 and $ 420 resistance levels against the US Dollar.

• The price traded as high as $ 465 and was well above the 100 simple moving average (4 hours).

• There was a break above a key bearish trend line with resistance near $ 400 on the 4-hour chart of ETH / USD (data flow via Kraken).

• The pair is likely to recover again if it clears the $ 440, $ 445 and $ 450 resistance levels.

Ethereum has started to correct the price! So how long can that take?

In the past days, Ethereum price started to rise sharply above the $ 400 resistance against the US Dollar. ETH price formed a support base near $ 372 before accelerating. To kick off the rally, there was a break above a key bearish trend line with resistance near $ 400 on the 4-hour chart of ETH / USD. The pair climbed above the $ 420 resistance and settled well above the 100 simple moving average (4 hours).

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The upward move was in the form of price rallying above the $ 450 resistance and rising to a new month high from $ 465. Later, Ethereum price started a downside correction from $ 465 and traded below the $ 450 support. There was a break below the 23.6% Fib retracement level of the upward move from the $ 371 low to $ 465 low. The price also traded below the $ 440 support level but found support near the $ 425 level.

Here are the critical levels that Ethereum price may see soon

The next major support is near the $ 420 zone and the 50% Fib retracement level of the upward move from the $ 371 low to $ 465 low. Ether is currently trading above $ 435. On the upside, the first resistance is near the $ 440 and $ 445 levels. An open break above the $ 445 resistance zone could open the doors for a fresh increase above $ 450.

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