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Key Highlights
- ETH price climbed above a few important resistance such as $450 and $460 against the US Dollar.
- There is a new connecting bullish trend line forming with support at $464 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is following an ascending channel, but it could correct lower towards the $470 level.
Ethereum price is back in an uptrend against the US Dollar and Bitcoin. ETH/USD may perhaps correct a few points, but it is likely to accelerate further higher.
Ethereum Price Bullish Moves
Yesterday, there was a close above the $455 resistance in ETH price against the US Dollar. The ETH/USD pair gained nicely and later corrected a few points towards the $445 level. There was a test of the 38.2% Fib retracement level of the last leg from the $430 low to $456 high. Buyers appeared and pushed the price above the last swing high. More importantly, there was a break above a few important resistance such as $450 and $460.
A high was formed at $480.50 and the price is currently following a nice uptrend. It seems like there is a short-term ascending channel forming with support at $475 on the hourly chart of ETH/USD. Below the channel support, the 23.6% Fib retracement level of the last wave from the $443 low to $480 high is near $471. Moreover, there is a new connecting bullish trend line forming with support at $464 on the same chart. Therefore, there are many supports forming on the downside starting with $475 and up to $460.
Looking at the chart, the price could correct a few points, but downsides are likely to be limited by the $464 level. On the upside, a break above the $480 high may perhaps open the doors for a push towards $500-510.
Hourly MACD – The MACD is slightly placed in the bearish zone.
Hourly RSI – The RSI is correcting lower from the overbought levels.
Major Support Level – $464
Major Resistance Level – $480
