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Key aspects
- The ETH price holds the $ 400-402 support area and is currently consolidating against the US dollar.
- C & # 39; is a bearish trend line in place with resistance to $ 412 on the hourly chart of the Eth / USD (data feed via Kraken).
- The pair are facing a lot of upside resistance near $ 412, $ 416 and $ 428 for further recoveries.
The price of Ethereum remains lower against the US dollar and bitcoin. The ETH / USD must cancel the resistances from $ 412 and $ 728 to obtain traction in the short term.
Ethereum Price Upside Hurdles
There were heavy losses of less than $ 440 last week in the ETH price compared to the US dollar. The ETH / USD pair was trading below $ 400, but later recovered and began to consolidate in a range. It appears that the price is forming a decent support near the $ 400-402 zone. Recently it has surpassed the 50% Fibra retracement level of the recent slide from $ 420 high to $ 399 low.
However, the price is currently facing strong resistance near $ 412 and the simple 100-hour moving average. There is also a fundamental bearish trend line in place with resistance to $ 412 on the hourly chart of Eth / USD. In addition, the Fibra 61.8% retracement level of the recent slide from $ 420 up to $ 399 is close to $ 412. Therefore, a break and closing above $ 412 is needed for further gains in the near term. Above this, the next major obstacle for a broader recovery is around the $ 428 level. It represents a significant pivotal level and a barrier to a push towards the $ 440 level.
Looking at the chart, the ETH price is currently attempting a recovery of over $ 410, but faces many hurdles near the levels of $ 412, $ 416 and $ 428. Downward, the $ 402 and $ levels 400 are important supports
MACD timetable – The MACD is slowly moving into the bullish zone.
RSI timetable – The RSI is currently positioned well above level 50 with positive signs.
Major Support Level – $ 402
Major Resistance Level – $ 428
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