Ethereum traded above the $450 resistance, but it is struggle near $480 against the US Dollar. ETH price is correcting gains, but it is likely to find strong bids near $440.
- ETH price traded to a new multi-month high near $478 against the US Dollar.
- The price is currently correcting lower below $465, but it is well above the 100 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $460 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is continue lower, but there is a major support waiting near the $440 and $435 levels.
Ethereum Price is Correcting Gains
This past week, bitcoin and ethereum performed really well above $16,000 and $450 respectively against the US Dollar. ETH price even broke the $465 resistance and settled well above the 100 simple moving average (4-hours).
It traded to a new multi-month high near $478 and recently started a downside correction. There was a break below the 23.6% Fib retracement level of the upward wave from the $425 swing low to $478 high. Moreover, there was a break below a key bullish trend line with support near $460 on the 4-hours chart of ETH/USD.
Source: ETHUSD on TradingView.com
Ether price is now holding the key $455 support zone. The 50% Fib retracement level of the upward wave from the $425 swing low to $478 high is also near the $461 level.
If there is a downside break below the $451 and $450 support levels, the price could correct further lower. The next major support is near the $440 level since it is close to the 100 simple moving average (4-hours). Any further losses could lead the price towards the $425 swing low.
Fresh Increase in Ether (ETH)?
If Ethereum stays above the $450 support or the 100 SMA, there are high chances of a fresh increase. An initial resistance on the upside is near the $465 level.
The first major resistance sits at $470, above which the price is likely to aim a break above the $478 high. In the stated case, the price is likely to accelerate higher towards the $495 and $500 resistance levels in the near term.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $450
Major Resistance Level – $465
