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Key Highlights
- ETH price started a fresh upside move and traded above the $465 and $470 resistances against the US Dollar.
- There was a break above a major declining channel with resistance at $461 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently placed nicely in an uptrend with a key support near the $466 level.
Ethereum price is on the move above $465 against the US Dollar. ETH/USD is likely to break the $485 high for more gains in the near term.
Ethereum Price Support
Yesterday, there were a few swing moves below $460 in ETH price against the US Dollar. Finally, the ETH/USD pair managed to move higher and broke the $460 and $465 resistance levels. It even settled above the $468 resistance and the 100 hourly simple moving average. It seems like the price formed a decent base near the $445 level before the current bullish wave.
During the rise, there was a break above a major declining channel with resistance at $461 on the hourly chart of ETH/USD. The pair traded as high as $485 and it is currently correcting lower. There was a test of the 38.2% Fib retracement level of the last wave from the $446 low to $485 high. However, declines were protected near the $468 support area. More importantly, there is a strong support near the 50% Fib retracement level of the last wave from the $446 low to $485 high at $466. If the price declines from the current levels, it is likely to find support near the $468 and $466 levels.
Looking at the chart, the price is placed nicely above $466 and it may perhaps extend gains above the $485 level. The next resistances are sitting near the $496 and $500 levels.
Hourly MACD – The MACD is currently flat in the bullish zone.
Hourly RSI – The RSI is currently well above the 50 level with positive signs.
Major Support Level – $466
Major Resistance Level – $485
