Ethereum Dips Towards $440 Remain Attractive To The Bulls

Aayush Jindal

1 year ago

2 mins read

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Ethereum traded above the $450 resistance, but it is struggle near $480 against the US Dollar. ETH price is correcting gains, but it is likely to find strong bids near $440.

ETH price traded to a new multi-month high near $478 against the US Dollar.
The price is currently correcting lower below $465, but it is well above the 100 simple moving average (4-hours).
There was a break below a key bullish trend line with support near $460 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is continue lower, but there is a major support waiting near the $440 and $435 levels.

Ethereum Price is Correcting Gains

This past week, bitcoin and ethereum performed really well above $16,000 and $450 respectively against the US Dollar. ETH price even broke the $465 resistance and settled well above the 100 simple moving average (4-hours).

It traded to a new multi-month high near $478 and recently started a downside correction. There was a break below the 23.6% Fib retracement level of the upward wave from the $425 swing low to $478 high. Moreover, there was a break below a key bullish trend line with support near $460 on the 4-hours chart of ETH/USD.

Source: ETHUSD on TradingView.com

Ether price is now holding the key $455 support zone. The 50% Fib retracement level of the upward wave from the $425 swing low to $478 high is also near the $461 level.

If there is a downside break below the $451 and $450 support levels, the price could correct further lower. The next major support is near the $440 level since it is close to the 100 simple moving average (4-hours). Any further losses could lead the price towards the $425 swing low.

Fresh Increase in Ether (ETH)?

If Ethereum stays above the $450 support or the 100 SMA, there are high chances of a fresh increase. An initial resistance on the upside is near the $465 level.

The first major resistance sits at $470, above which the price is likely to aim a break above the $478 high. In the stated case, the price is likely to accelerate higher towards the $495 and $500 resistance levels in the near term.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $450

Major Resistance Level – $465

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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