Key Highlights
- ETH price is positioned nicely above the $438.00 and $435.00 support levels against the US Dollar.
- There is a key contracting triangle formed with resistance near $455 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may perhaps break the triangle resistance to trade further higher towards $480.
Ethereum price is back in a positive zone against the US Dollar and Bitcoin. ETH/USD has to clear the $455 resistance to stage more gains in the near term.
Ethereum Price Resistance
Recently, there was a solid upside move above the $430 level in ETH price against the US Dollar. The ETH/USD pair broke the $445 and $450 resistance levels. It traded as high as $463.91 before starting a short-term consolidation. It corrected lower below the $450 level and broke the 23.6% Fib retracement level of the last wave from the $403 low to $463 high.
However, the decline was protected by the $4404-441 support zone. Moreover, the 38.2% Fib retracement level of the last wave from the $403 low to $463 high also acted as a support. More importantly, there was no break below $438 and the 100 hourly simple moving average. At the moment, there is a key contracting triangle formed with resistance near $455 on the hourly chart of ETH/USD. The pair has to break the triangle resistance and then $460 to gain upside momentum. If buyers are successful, the price could test the $480 and $485 resistance levels.
Looking at the chart, the price is supported near the triangle support at $446. A break below the mentioned support may ignite more declines towards the $438 level and the 100 hourly SMA. It must stay above the 100 hourly SMA to avoid a bearish reaction back towards the $430 and $425 levels in the near term.
Hourly MACD – The MACD is mostly neutral in the bearish zone.
Hourly RSI – The RSI is currently flat above the 50 level.
Major Support Level – $438
Major Resistance Level – $455
