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Ethereum corrected below $ 440, but remained stable above $ 435 against the US dollar. The price of ETH is likely to gain momentum if it breaks out of the $ 460 resistance zone.
- Ethereum holds the ground above the $ 440 and $ 435 support levels.
- The price is showing positive signals above the $ 440 support and the 100-hour simple moving average.
- There is a key that connects the bullish trend line forming with the support near $ 440 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could steadily rise towards $ 460 or $ 475 as long as it is above the trend line support.
The price of Ethereum is showing positive signs
After forming another high near the $ 460 resistance, Ethereum began a bearish correction. The ETH price traded below the $ 450 support level. It even jumped below the $ 440 support, but the bulls managed to protect the $ 435 zone.
A swing low has formed near $ 435 and the price is currently rising. There was a break above the $ 440 and $ 442 levels. The ether price even climbed above the 50% Fib retracement level of the recent dip from the $ 459 swing high to the $ 435 low.
Furthermore, there is a key that connects the bullish trend line forming with the support near $ 440 on the ETH / USD hourly chart. Ethereum’s price is now facing hurdles near the $ 450 level, but it is well above the 100-hour simple moving average.
Source: ETHUSD on TradingView.com
The 61.8% Fib retracement level of the recent drop from the swing high of $ 459 to the swing low of $ 435 also acts as an obstacle. A clear break above the $ 450 resistance could easily drive the price towards the $ 460 resistance. Any further gains could require a move to the $ 470 and $ 475 levels.
Limited downsides in ETH?
On the downside, the support of the $ 440 trend line and the hourly 100 SMA are important supports for the bulls. If they fail to hold the Ethereum price above the 100 hourly SMA, there is a risk of further losses below the $ 435 low.
The next major support is near the $ 425 zone. Any further losses could perhaps open the door to a drop to the main $ 400 support level in the near term.
Technical indicators
MACD hourly – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
RSI hourly – The RSI for ETH / USD is rising and is above the 50 level.
Main Support Level: $ 440
Major resistance level – $ 460
