Key Highlights
- ETH price gained momentum and cleared the $455-458 resistance zone against the US Dollar.
- Yesterday’s highlighted important contracting triangle was breached with resistance at $454 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is now placed nicely above the $458 resistance and is currently eyeing more gains.
Ethereum price is trading with a positive bias against the US Dollar and Bitcoin. ETH/USD is likely to clear the $481 high for more upsides in the near term.
Ethereum Price Support
There was a short term correction initiated towards $440 recently in ETH price against the US Dollar. The ETH/USD pair corrected lower from the $465 swing high to $440 swing low. It tested the 38.2% Fib retracement level of the last leg from the $404 low to $465 high. Buyers appeared and protected more losses below $400. Finally, the mentioned correction was completed and the price jumped higher.
During the upside, yesterday’s highlighted important contracting triangle was breached with resistance at $454 on the hourly chart of ETH/USD. The pair even broke the last swing high near $465. More importantly, there was a close above the $455-458 resistance zone. A new weekly high was formed at $481.75 and the price is currently consolidating gains. It is testing the 23.6% Fib retracement level of the last wave from the $443 low to $481 high. However, the most important support on the downside is above the $458 level. The 50% Fib retracement level of the last wave from the $443 low to $481 high is also at $462 to act as a buy zone.
Looking at the chart, the price is positioned nicely above $458 for more gains. An upside break above the $481 high could open the doors for further gains towards the $500 and $520 levels.
Hourly MACD – The MACD is currently flat in the bullish zone.
Hourly RSI – The RSI is now placed nicely above the 50 level.
Major Support Level – $458
Major Resistance Level – $480
