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Ethereum extended its rise above the $ 465 resistance against the US dollar. The price of ETH has been trading at a new monthly high near $ 477 and has recently begun a downward correction.
- Ethereum is still following a nice bullish path above the $ 450 and $ 455 support levels.
- The price traded at a new monthly high near $ 477 and traded above the 100-hour simple moving average.
- There is a crucial bullish trend line forming with support near $ 452 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair remains well supported near $ 450 and could resume its rally above $ 470.
The price of Ethereum is trading in a positive zone
There has been a steady rise in Ethereum above the $ 455 and $ 460 resistance levels. The price of ETH even broke the $ 465 resistance level and stood well above the 100-hour simple moving average. .
It was also trading at a new monthly high near $ 477 and recently began a downward correction. The ether price has been corrected below the $ 465 level. It is now testing the 50% Fib retracement level of the recent rise from the $ 441 swing low to the $ 477 high.
The first key support is near the $ 454 level (a multi-touch zone). There is also a crucial bullish trend line forming with support near $ 452 on the hourly ETH / USD chart. The trend line is close to the 76.4% Fib retracement level of the recent rise from the swing low of $ 441 to the high of $ 477.
Source: ETHUSD on TradingView.com
On the upside, the $ 467 level is a short-term resistance for the bulls. The first major obstacle is near the $ 475 level, above which the price could rise above $ 477 and $ 480. The next big resistance is near the $ 488 level, above which the price of ether could reach the $ 500 handle.
Limited downsides in ETH?
If there are more losses below the $ 458 level, Ethereum could find strong buying interest near the $ 454 and $ 452 support levels.
The 100-hour simple moving average is also positioned just above the $ 450 support level. Therefore, a break below the $ 450 support zone could trigger a sharp bearish move. The next major support below the $ 450 zone may be near the $ 432 level.
Technical indicators
MACD hourly – The MACD for ETH / USD is slowly losing momentum in the bearish zone.
RSI hourly – The RSI for ETH / USD is now just below the 50 level.
Main Support Level: $ 452
Major Resistance Level – $ 467
