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Ethereum is showing positive signals above the $ 455 support against the US dollar. The price of ETH is likely to rise as high as $ 500 if a clear break above $ 500 occurs.
- Ethereum is slowly gaining pace above the $ 450 and $ 460 levels.
- The price is currently trading well above the $ 460 level, the 100-hour simple moving average.
- There is a large bullish trend line forming with support near $ 455 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair could accelerate to the upside if there is a proper close above the $ 470 resistance.
The price of Ethereum is approaching the breakout
Ethereum remained well above the $ 450 and $ 455 support levels. The price of ETH even broke the $ 460 resistance level and traded well above the 100-hour simple moving average.
However, the price appears to be facing hurdles near the $ 468 and $ 470 levels. A maximum swing has formed near $ 468 and the price is currently consolidating gains. Initial support is near the $ 464 level. It is close to the 23.6% Fib retracement level of the recent rise from the swing low of $ 453 to the high of $ 468.
The first key support is near the $ 460 level or the 50% Fib retracement level of the recent rise from the swing low of $ 453 to the high of $ 468. More importantly, there is an important bullish trend line running through. form with support near $ 455 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
On the upside, the $ 468 zone is a key breakout zone. A successful break above the $ 468 resistance and a subsequent move above the $ 470 resistance could open the door for a sharp rise. The next major resistance is near the $ 480 level, above which the ether price is likely to test the $ 500 handle.
Limited downsides in ETH?
If there are no breaks to the upside above the $ 470 resistance level, Ethereum could initiate a corrective decrease. Initial support is near the $ 460 level.
The major support is now forming near the $ 455 and $ 454 levels. The 100-hour simple moving average is also positioned near the trend line support and $ 454. Any further losses could trigger a major drop towards the $ 454 levels. support of $ 435 and $ 432 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 well above the 50 level.
Main Support Level: $ 454
Major Resistance Level: $ 470
