ETH Dips Remain Attractive Near $530, Is New Correction Underway?

ETH dips remain attractive near the $530 level since the coin started a strong surge above the $500 resistance zone. The price traded as high as $562 and is now correcting the gains so let’s read more in the latest ethereum news.

The price is now correcting lower of the $550 zone but it is well above the 100 simple moving average. With a major bullish trend line forming with support near the $495 on the 4-hour charts of the ETH/USD pair which could correct even lower but the ETH dips remain attractive here at these levels as well. Over the past week, BTC and ETH  gained strong bullish momentum above $18,000 and $500 respectively with the ETH price surging further above the $520 resistance and settling at the 100 simple moving average. The upward movement was such that there was a break above the key connecting resistance trend line at $508 on the 4-hour charts as the pair gained pace and traded between $540 and $550.

Ether’s price traded to a new multi-month high at $562 and started a short-term correction after trading below the $550 level and broke the 23.6% fib retracement level from the recent upward movement from the $503 swing low to $562 high. The first key support of the downside level is near the $532 level and it is also close to the 50% fib retracement level from the recent upward movement from $503 swing low to the $562 high. On the upside, the $555 and $560 zone is a key hurdle for the bulls. Breaking this level of $560 could mean another rally is in the books so ETH’s price will likely rally towards the $580 and the $585 levels.

If Ethereum fails to extend above the $560 level, it could correct lower. The first major support zone is set at $532 and $530 levels. If there are more losses, ETH could go down to the $510 support zone with a major bullish trend line forming at $495 on the same charts where the bulls are likely to take a strong stand. The ETH/USD pair is slowly losing momentum in the bullish zone with the 4-hour RSI being lower in the 80 levels. the major support level is set at $530 while the major resistance one is set at $560.