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Key Points
- The ETH price remained in a narrow range above the $ 400 support level against the US dollar.
- The important downtrend line highlighted yesterday remained unchanged at $ 410 on the hourly chart of Eth / USD (feed data via Kraken).
- The pair must exceed $ 410 and the simple moving average out of 100 to gain upward momentum.
The price of Ethereum is currently consolidating against the US dollar and bitcoin. ETH / USD is stable above $ 400, but is facing many barriers close to the $ 410 level.
Ethereum Price Resistance
There was no major move above of the $ 415 level of the ETH price compared to the US dollar. The ETH / USD pair traded in a narrow range above the $ 400 level with some positive moves. Yesterday, there was a slight rise above the $ 405 level. However, the upward move faced sellers near the $ 410-412 area and the simple 100-hour moving average. The price has declined again, but the $ 400 level has worked as support.
At the moment, the price is trading above the $ 400 level with immediate resistance at $ 407. It represents the 50% retracement level of Fibers from the last drop from $ 413 up to $ 400 at the bottom . More importantly, the important downtrend line highlighted yesterday is intact with resistance to $ 410 on the hourly chart of Eth / USD. The bearish trend line at $ 410 is close to the 100-hour SMA. Furthermore, the Fib retracement level 76.4% of the last drop from the minimum of $ 413 to $ 400 is close to $ 710. Therefore, an interruption above the $ 410 level is required and the 100-hour SMA for further gains in the short term.
Looking at the chart, the ETH price is still being traded in a range above $ 400. May perhaps make the next move above $ 410 if buyers continue to defend $ 400.
MACD timetable – The MACD is currently in the bearish zone.
RSI Schedule – RSI is struggling to overcome level 50 and is currently at 45.
Major Support Level – $ 400
Major Resistance Level – $ 410
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