Key Highlights
- ETH price traded higher and tested an important resistance area near $455 against the US Dollar.
- There is a major bullish trend line formed with support at $438 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may correct lower, but it is likely to find support near $435-438 in the short term.
Ethereum price is moving in a positive zone against the US Dollar and Bitcoin. ETH/USD remains in a bullish zone as long as it is above the $435 level.
Ethereum Price Support
There was a decent upside move from the $429 swing low in ETH price against the US Dollar. The ETH/USD pair traded higher and broke the $435 and $440 resistance levels to move into a bullish zone. The upside move was such that the price tested an important resistance area near $455. A high was formed at $454.82 before the price started a downside correction.
It traded below the 23.6% Fib retracement level of the last wave from the $429 low to $454 high. However, there are many supports on the downside near the $438 level. An initial support is near $442, which is the 50% Fib retracement level of the last wave from the $429 low to $454 high. Below this, the $440 support may provide support along with the 100 hourly simple moving average. More importantly, there is a major bullish trend line formed with support at $438 on the hourly chart of ETH/USD. Therefore, it seems like there are many supports on the downside near the $438-442 zone.
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Looking at the chart, the price may perhaps correct a few more points, but it is likely to find support near $438. On the upside, a break above the $455 resistance is must for more gains. Above this, the price could accelerate towards the $475 level.
Hourly MACD – The MACD has moved back in the bearish zone.
Hourly RSI – The RSI is moving lower towards the 50 level.
Major Support Level – $438
Major Resistance Level – $454
