Ethereum pricing analysis: ETH / USD consolidating above $ 400


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.

 Price Analysis of Ethereum ETH USD

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

Source link