Key Highlights
- ETH price corrected a few points higher towards the $448-450 resistance against the US Dollar.
- Yesterday’s highlighted key bearish trend line is in place with resistance near $452 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair struggled to move above $450 and the 100 hourly simple moving average, which is a bearish sign.
Ethereum price remains in a bearish zone against the US Dollar and Bitcoin. ETH/USD could continue to move down as long as it is below $450.
Ethereum Price Upside Hurdle
Yesterday, ETH price moved further lower and traded close to the $420 level against the US Dollar. The ETH/USD pair formed a low at $419.96 before starting an upside correction. It moved higher and broke the $430 resistance. There was also a break above the 23.6% Fib retracement level of the last decline from the $473 high to $419 low. However, the upside move was capped by the $450 level.
It seems like the price failed to move above the 50% Fib retracement level of the last decline from the $473 high to $419 low. More importantly, the 100 hourly simple moving average protected gains near the $450 level. On the upside, yesterday’s highlighted key bearish trend line is in place with resistance near $452 on the hourly chart of ETH/USD. The pair clearly failed to gain momentum above the $450 level and is currently moving lower. An initial support is around the $430 level, below which, the price may revisit the recent low near $419.
Looking at the chart, the price remains at a risk of more losses below $430. To initiate a decent recovery, the price must clear the $450 resistance, 100 hourly SMA, and the trend line. Above $452, the next major hurdle for buyers is near the $470 level.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is currently moving lower towards the 50 level.
Major Support Level – $420
Major Resistance Level – $452
