Key Highlights
- ETH price is struggling to move higher above the $510 and $520 resistance levels against the US Dollar.
- There is a key bearish trend line in place with resistance near $505 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair remains at a risk of more losses if it fails to move above the $505 and $510 resistances.
Ethereum price is slowly moving lower versus the US Dollar and Bitcoin. ETH/USD could decline further if sellers remain in control below $500.
Ethereum Price Resistance
This past week, ETH price attempted an upside recovery from the $448 low against the US Dollar. The price traded above the $500 resistance level. It also climbed above the 23.6% fib retracement level of the last drop from the $609 high to $448 low. However, the price faced a lot of resistances above the $510 level, which protected more gains above the stated level.
There was a rejection from the $530 resistance zone. Moreover, the 50% fib retracement level of the last drop from the $609 high to $448 low acted as a strong resistance. More importantly, there is a key bearish trend line in place with resistance near $505 on the 4-hours chart of ETH/USD. The pair struggled to move above the trend line and $530. It is currently moving lower and is trading below the $510 and $500 levels. It remains at a risk of more losses if buyers fail to move the price above the trend line resistance and the $520 resistance.
The above chart indicates that the price is finding it hard to move higher above $510. On the downside, an initial support is around the $485 level. Below the stated level, the price might decline further towards the $450 level in the near term.
4-hours MACD – The MACD is slowly moving in the bullish zone.
4-hours RSI – The RSI is currently just below the 50 level.
Major Support Level – $485
Major Resistance Level – $520
