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Ethereum is growing slowly and is trading above the $ 460 resistance against the US dollar. The price of ETH is likely to reach $ 495 or $ 500 if it breaks out of the $ 470 resistance zone.
- Ethereum is showing positive signals above the $ 450 and $ 455 support levels.
- The price is currently trading above the $ 460 resistance and well above the 100-hour simple moving average.
- There is a major bullish trend line forming with support near $ 444 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could start a strong rally if there is a clear break above the $ 470 resistance zone.
The price of Ethereum could rise again
After forming a support base above $ 440, Ethereum began a steady rise. The price of ETH broke the $ 450 and $ 455 resistance levels to move into a positive zone.
The upward movement was such that the price rose above the key resistance of $ 460, as well as stabilizing well above the 100-hour simple moving average. A high swing has formed near $ 467 and the price is currently consolidating gains.
Initial support is near the $ 460 zone (a multi-touch zone). It is also close to the 23.6% Fib retracement level of the recent upward move from the $ 441 swing low to the $ 467 high. The first key support is near the $ 455 level, where bulls are likely to emerge. .
Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the recent upward movement from the swing low of $ 441 to the high of $ 467 is also close to the $ 455 level. There is also an important bullish trend line forming with support. close to $ 444 on the ETH / USD hourly chart.
On the upside, the $ 468 and $ 470 levels are important barriers. A positive close above the $ 470 resistance level could open the door for a strong rally. The next key resistance is seen near the $ 480 level. Any further gains could require a move to the $ 495 and $ 500 levels.
Downsides supported in ETH?
There are many supports forming for Ethereum, starting at $ 460. The first key support is near the $ 455 level. The main support is forming near the trend line, $ 445 and the hourly SMA 100.
A clear break below the $ 444 support level could nullify the current bullish view. Any further losses could perhaps open the door to a drop to the $ 420 support zone.
Technical indicators
MACD hourly – The MACD for ETH / USD is slowly losing momentum in the bullish zone.
RSI hourly – The RSI for ETH / USD is now well above the 60 level.
Main Support Level: $ 455
Major Resistance Level: $ 470
