Key Highlights
- ETH price failed once again around the $482-484 resistance and declined against the US Dollar.
- There is a major bullish trend line formed with support at $454 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is holding the $450 support and the 100 hourly simple moving average, which is a positive sign.
Ethereum price is placed in a positive zone against the US Dollar and Bitcoin. ETH/USD must stay above the $454 support and the 100 hourly SMA to move higher.
Ethereum Price Trend
Yesterday, there was a decent upside move above the $465 resistance in ETH price against the US Dollar. The ETH/USD pair traded above the $480 level, but the upsides were capped by the $484 level. A high was formed at $484.22 and the price corrected lower. It moved below the 50% Fib retracement level of the last wave from the $449 low to $484 high.
However, declines were supported near the $455-460 zone. More importantly, the 100 hourly simple moving average also acted as a strong support near the $460 zone. The 61.8% Fib retracement level of the last wave from the $449 low to $484 high also played its part in stopping the last decline. On the downside, there is a major bullish trend line formed with support at $454 on the hourly chart of ETH/USD. Therefore, it seems like the pair is well supported above the $450 level and the 100 hourly simple moving average.
Looking at the chart, the price is currently trading well above $460 and the 100 hourly SMA. On the upside, an initial resistance is around the $474 level. Above this, the most important barrier for buyers is near $482-484. Finally, a break above this could push the price to a new monthly high above $490.
Hourly MACD – The MACD is slightly placed in the bearish zone.
Hourly RSI – The RSI is currently placed above the 50 level.
Major Support Level – $452
Major Resistance Level – $482
