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Home Technical analysis ETH

Ethereum Dips Towards $440 Remain Attractive To The Bulls

Aayush Jindal by Aayush Jindal
4 months ago
in ETH
Reading Time: 2min read
Bitcoin
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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.

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Ethereum Price

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

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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