Key Highlights
- ETH price moved above the $448 resistance and tested the $470 zone against the US Dollar.
- There was a break above yesterday’s highlighted important bearish trend line with resistance at $448 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently struggling to clear the $470 resistance and the 100 hourly simple moving average.
Ethereum price is showing a few positive signs against the US Dollar and Bitcoin. ETH/USD must clear the 100 hourly SMA to gain traction in the near term.
Ethereum Price Resistance
There was a decent upside move above $440 in ETH price against the US Dollar. The ETH/USD pair managed to move above the $448 and $450 resistance levels. During the upside, the price broke the 61.8% Fib retracement level of the last decline from the $485 swing high to $420 low. After a close above the $450 level, the price attempted further gains.
Moreover, there was a break above yesterday’s highlighted important bearish trend line with resistance at $448 on the hourly chart of ETH/USD. However, the upside move was capped by the 100 hourly SMA near the $470-475 resistance zone. As a result, there was a downside correction below $465. The pair also broke the 23.6% Fib retracement level of the last wave from the $420 low to $473 high. However, there are many supports on the downside above the $448 level. The 50% Fib retracement level of the last wave from the $420 low to $473 high is also near $447 to hold losses.
Looking at the chart, the price has to move past the 100 hourly SMA and $470 to gain upside momentum. On the flip side, a bearish break below $448 could open the doors for a fresh downside wave.
Hourly MACD – The MACD has moved back in the bearish zone.
Hourly RSI – The RSI is just above the 50 level with a few bullish signs.
Major Support Level – $448
Major Resistance Level – $470
Author: Landon Snodgrass ::: Source link
