Key Highlights
- ETH price declined further and traded as low as $417.37 against the US Dollar.
- This week’s highlighted key bearish trend line is still active with resistance at $438 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair has to move above the trend line and $440 resistance to recover further in the near term.
Ethereum price is slowly moving higher against the US Dollar and Bitcoin. ETH/USD must clear hurdles near $440 to gains upside traction towards $460.
Ethereum Price Resistance
There were further dips in ETH price below the $430 level against the US Dollar. The ETH/USD pair declined below the $428 swing low and formed a new weekly low near the $417 level. Later, there was a decent comeback and the price jumped above the $425 level. The price also managed to move above the 23.6% Fib retracement level of the last drop from the $448 high to $417 low.
However, the price is currently facing a tough challenge near the $440 level. Additionally, this week’s highlighted key bearish trend line is preventing upsides near $438 on the hourly chart of ETH/USD. More importantly, the 61.8% Fib retracement level of the last drop from the $448 high to $417 low is also near the $440 level. Therefore, a break above the trend line and then $440 is required for buyers to take the price further higher. Above $440, the next resistance is near $445 and the 100 hourly simple moving average.
Looking at the chart, the price bounced back nicely from the $417 low, but it is facing many resistances. It seems like there are many barriers starting with $438 and up to $445. A successful break above $445 may perhaps open the doors for more gains. On the downside, supports are $428 and $417.
Hourly MACD – The MACD has moved back in the bullish zone.
Hourly RSI – The RSI is placed nicely above the 50 level.
Major Support Level – $417
Major Resistance Level – $444
