Ethereum cryptocurrency rate has corrected after a sharp rise to $ 620. However, the dynamics of the change in the value of the asset did not go beyond the upward trend, so the coin should rise in price to $ 600 by December 3.
Buyers made two unsuccessful attempts this week to break the $ 625 barrier. As a result, on the night of November 25-26, the ETH rate fell by 15% (Bitstamp data). Traders began to buy ETH at the level of $ 500, so the value of the asset rose to $ 527. Note, that is still below the 100 hours moving average ($ 553).
There is a contracting triangle with resistance at $ 530 and support at $ 520 on the chart. The lines of the pattern will cross on Thursday, as a result of which an upward or downward breakout is expected today.
The upward movement will meet resistance at the $ 535 level, which coincides with the 38.2% Fib recorded during the dump from $ 590 to $ 500. The nearest support barrier is located at $ 522. The bullish trend line, which started in early November, now runs at $ 497 and acts as a key support barrier. If the ETH rate does not fall below this level, then the value of the coin will begin to grow and reach $ 600 within the next week.
Ethereum and some other altcoins significantly outpaced Bitcoin (BTC) in terms of value growth from November 20 to 24. As a result, the dominance of BTC in the cryptocurrency market decreased from 67% to 61%. Nevertheless, the downward trend in the share of Bitcoin quickly ended, and the coin won back part of the capitalization from its rivals: from November 24 to 26, the BTC.D index rose by 5%.
Traders actively sold altcoins and invested the money received in BTC, expecting further growth in the asset’s rate. On Wednesday, Bitcoin rose in price to $ 19,500 but did not stay at this level and fell in price to $ 17,200. In the medium term, BTC should add in price and reach a new record. In this case, a bull run will begin on the altcoin market, as a result of which the Ethereum rate may jump to $ 800.
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