Analysis Technical

Ethereum Price Analysis: Can ETH/USD Break $455?

Aayush Jindal | July 16, 2018 | 5:00 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: Can ETH/USD Break $455?

Aayush Jindal | July 16, 2018 | 5:00 am

Key Highlights

  • ETH price traded higher and tested an important resistance area near $455 against the US Dollar.
  • There is a major bullish trend line formed with support at $438 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may correct lower, but it is likely to find support near $435-438 in the short term.

Ethereum price is moving in a positive zone against the US Dollar and Bitcoin. ETH/USD remains in a bullish zone as long as it is above the $435 level.

Ethereum Price Support

There was a decent upside move from the $429 swing low in ETH price against the US Dollar. The ETH/USD pair traded higher and broke the $435 and $440 resistance levels to move into a bullish zone. The upside move was such that the price tested an important resistance area near $455. A high was formed at $454.82 before the price started a downside correction.

It traded below the 23.6% Fib retracement level of the last wave from the $429 low to $454 high. However, there are many supports on the downside near the $438 level. An initial support is near $442, which is the 50% Fib retracement level of the last wave from the $429 low to $454 high. Below this, the $440 support may provide support along with the 100 hourly simple moving average. More importantly, there is a major bullish trend line formed with support at $438 on the hourly chart of ETH/USD. Therefore, it seems like there are many supports on the downside near the $438-442 zone.

Ethereum Price Analysis ETH USDtec

Looking at the chart, the price may perhaps correct a few more points, but it is likely to find support near $438. On the upside, a break above the $455 resistance is must for more gains. Above this, the price could accelerate towards the $475 level.

Hourly MACD – The MACD has moved back in the bearish zone.

Hourly RSI – The RSI is moving lower towards the 50 level.

Major Support Level – $438

Major Resistance Level – $454

Tags: , , , , , , , , ,    

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.