Key Highlights
- ETH price is holding the $400-402 support area and is currently consolidating against the US Dollar.
- There is a crucial bearish trend line in place with resistance at $412 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is facing many resistances on the upside near $412, $416 and $428 for more recoveries.
Ethereum price remains in a downtrend against the US Dollar and bitcoin. ETH/USD must clear the $412 and $728 resistances to gain traction in the near term.
Ethereum Price Upside Hurdles
There were heavy losses below $440 this past week in ETH price against the US Dollar. The ETH/USD pair traded below $400, but it later recovered and started consolidating in a range. It seems like the price is forming a decent support near the $400-402 zone. It recently traded above the 50% Fib retracement level of the recent slide from the $420 high to $399 low.
However, the price is currently facing a major resistance near $412 and the 100 hourly simple moving average. There is also a crucial bearish trend line in place with resistance at $412 on the hourly chart of ETH/USD. Moreover, the 61.8% Fib retracement level of the recent slide from the $420 high to $399 low is also near $412. Therefore, a break and close above $412 is needed for more gains in the near term. Above this, the next important hurdle for a larger recovery is around the $428 level. It represents a significant pivot level and a barrier for a push towards the $440 level.
Looking at the chart, ETH price is currently attempting a recovery above $410, but it facing many hurdles near the $412, $416 and $428 levels. On the downside, the $402 and $400 levels are important supports.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is currently positioned nicely above the 50 level with positive signs.
Major Support Level – $402
Major Resistance Level – $428
