BUY BITCOIN
Key Highlights
- ETH price is trading above a key support near the $502 level against the US Dollar.
- Yesterday’s highlighted crucial bullish trend line with support at $502 is intact on the hourly chart of ETH/USD (data feed via Kraken).
- There was a false downside break recently, but the pair recovered back above $500.
Ethereum price stayed in a positive zone against the US Dollar and Bitcoin. ETH/USD must move above the $524 level to extend gains in the near term.
Ethereum Price Support
Yesterday, we discussed about a few key supports near $500 in ETH price against the US Dollar. The price moved down recently and broke the $490 level. However, it seems like it was a false break since the price moved back above $500. A low was formed at $487 and the price moved above the 50% Fib retracement level of the last decline from the $524 high to $487 low.
More importantly, yesterday’s highlighted crucial bullish trend line with support at $502 is intact on the hourly chart of ETH/USD. The pair is currently trading above the trend line support at $502 and the 100 hourly simple moving average. It seems like the pair is well supported above the $485-500 zone. On the upside, it is facing a few key hurdles near the $425 level. An initial resistance is near the 76.4% Fib retracement level of the last decline from the $524 high to $487 low. However, a break above the recent high at $424 is needed for buyers to gain control in the near term.
Looking at the chart, it looks like the price is trading in a range above $500. Having said that a daily close below $500 could be significant and it could put a lot of pressure on buyers.
Hourly MACD – The MACD is currently placed in the bearish zone.
Hourly RSI – The RSI is now well below the 50 level with a negative angle.
Major Support Level – $502
Major Resistance Level – $524
