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Key Highlights
- ETH price declined further and broke the $482 and $475 support levels against the US Dollar.
- There is a major bearish trend line formed with resistance near $475 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair has to move above the $475 and $480 resistance levels to move into a bullish zone.
Ethereum price is under pressure against the US Dollar and Bitcoin. ETH/USD must move above $475 and the 100 hourly SMA to initiate a recovery.
Ethereum Price Resistance
There were further losses noted below $500 in ETH price against the US Dollar. The ETH/USD pair declined and broke the $480 and $475 support levels. It moved into a bearish zone below $475 and the 100 hourly simple moving average. The decline was such that the price almost tested the $455 support area. A low was formed at $458.64 before the price started consolidating losses.
On the upside, there are many hurdles for buyers near the $480 level. More importantly, there is a major bearish trend line formed with resistance near $475 on the hourly chart of ETH/USD. Around the trend line, the 23.6% Fib retracement level of the last drop from the $517 high to $468 low is positioned. Additionally, the 100 hourly simple moving average is also near the trend line and $475 resistance. Therefore, a proper break above the $475 resistance is needed for more gains. The next hurdle could be $482 and the 50% Fib retracement level of the last drop from the $517 high to $468 low.
Looking at the chart, the price is currently struggling to recover above $475. If it fails to move higher, there are chances of more slides towards the $455 support area in the near term. Below this, the $450 level may be tested.
Hourly MACD – The MACD is slowly moving back in the bullish zone.
Hourly RSI – The RSI is currently moving higher towards the 50 level.
Major Support Level – $455
Major Resistance Level – $475
