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Key Highlights
- ETH price traded higher recently and broke the $470 resistance zone against the US Dollar.
- There is a key connecting bullish trend line formed with support at $465 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to move above the $490 and $500 resistance level to gain upside momentum.
Ethereum price is placed in a bullish zone versus the US Dollar and Bitcoin. ETH/USD remains supported on the downside near the $470 and $462 levels.
Ethereum Price Support
This past week, there were a couple of swing moves towards $455 level in ETH price against the US Dollar. The ETH/USD pair tested the $450-455 zone where buyers were successful in defending losses. During the decline, there was a break below the 23.6% fib retracement level of the last wave from the $403 low to $488 high. Moreover, there was a close below the $470 level and the 100 simple moving average (4-hours).
However, the decline was limited as buyers took a stand above the $450 level. There is also a key connecting bullish trend line formed with support at $465 on the 4-hours chart of ETH/USD. Moreover, the 38.2% fib retracement level of the last wave from the $403 low to $488 high acted as a decent buy zone. As a result, the price spiked higher above the $470 resistance and the 100 simple moving average (4-hours). It even broke the $488 swing high and traded above $490. At the moment, the price is consolidating gains, but it remains supported above the $470 level.
The above chart indicates that the price may correct a few points, but as long as the $465 support is in place, it could accelerate gains. A break above the $490 and 500 resistance levels could really accelerate gains.
4-hours MACD – The MACD is placed in the bullish zone.
4-hours RSI – The RSI is currently positioned above the 60 level.
Major Support Level – $465
Major Resistance Level – $500
