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technical analysis ethereum
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Ethereum Price Analysis: Can ETH/USD Hold Gains Above $466?

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

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.

Ethereum Price Analysis ETH USD

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

Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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