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Ethereum initiated a bearish correction below the $ 460 support level against the US dollar. The price of ETH is now trading below $ 450 and remains at risk of further disadvantages.
- Ethereum is showing some bearish signals below the $ 460 and $ 455 support levels.
- The price is now trading well below the $ 460 level, the hourly simple moving average of 100.
- There is a key bearish trend line forming with resistance near $ 453 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could accelerate to the downside if there is a clear break below the $ 442 and $ 440 support levels.
Ethereum’s price is facing obstacles
Ethereum initiated a bearish correction after failing to break out of the $ 480 resistance zone. The ETH price broke the $ 465 and $ 460 support levels to move into a short-term bearish zone.
There was also a close below the $ 460 level and the hourly moving average of 100. Ether price extended its drop below the $ 450 support and tested the $ 440 level. A low near $ 440 forms and the price is currently correcting higher.
It broke above the $ 445 level, plus there was a break above the 23.6% Fib retracement level of the recent drop from the high of $ 462 to the low of $ 440. The price is now approaching the resistance zone $ 450- $ 452.
Source: ETHUSD on TradingView.com
There is also a key bearish trend line forming with resistance near $ 453 on the hourly chart of ETH / USD. The trend line is close to the 50% Fib retracement level of the recent drop from the $ 462 high to the $ 440 low. The next big resistance is near the $ 460 level and the hourly simple moving average of 100.
A successful close above the $ 460 level and the hourly simple moving average of 100 could start a new rise. In the stated case, the price could rise towards the $ 478- $ 480 resistance zone.
Other negative aspects in ETH?
If there wasn’t a break to the upside above the $ 452 and $ 460 resistance levels, ethereum could extend its decline. Initial support is near the $ 445 level.
The main support is now forming near the $ 442 and $ 440 levels. Any further losses could trigger a major drop towards the $ 432 and $ 425 support levels 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 now approaching the 50 level.
Main Support Level: $ 440
Major Resistance Level: $ 460
