Analysis Technical

Ethereum Price Analysis: ETH/USD Facing Key Resistance at $470

Aayush Jindal | July 23, 2018 | 4:08 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Facing Key Resistance at $470

Aayush Jindal | July 23, 2018 | 4:08 am

Key Highlights

  • ETH price is consolidating in a range with a crucial resistance at $470 against the US Dollar.
  • There was a break above a key bearish trend line with resistance near $452 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must break the $470 resistance to continue higher towards $490 and $500 in the near term.

Ethereum price is slowly moving higher against the US Dollar and Bitcoin. ETH/USD is currently facing a strong resistance near the $470 level.

Ethereum Price Upside Hurdle

After a continuous decline, there was a decent support formed near $438-440 in ETH price against the US Dollar. The ETH/USD pair started an upside move and traded above the $445 and $450 resistance levels. There was also a break above the 23.6% Fib retracement level of the last decline from the $517 high to $439 low. The price settled above the $450 level, which is a positive sign.

Moreover, there was a break above a key bearish trend line with resistance near $452 on the hourly chart of ETH/USD. However, the pair faced a strong resistance near the $470 level and the 100 hourly simple moving average. It seems like the 38.2% Fib retracement level of the last decline from the $517 high to $439 low is preventing gains. A break the $470 and $475 resistance levels is needed for more gains in the near term. The next key resistance above $475 is waiting near the $487 level.

Ethereum Price Analysis ETH USD

Looking at the chart, the price is currently consolidating above $450 and close to the 100 hourly SMA. If it continues to struggle near $470, there could be a downside reaction. On the downside, supports are seen near the $458 and $452 levels, followed by the $450 level.

Hourly MACD – The MACD is about to move back in the bullish zone.

Hourly RSI – The RSI is currently placed nicely with a positive angle above the 50 level.

Major Support Level – $452

Major Resistance Level – $470

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.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

Google play logo

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