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Ethereum traded above the $ 450 resistance but is fighting close to $ 480 against the US dollar. The ETH price is correcting gains, but you are likely to find strong offers near $ 440.
- The price of ETH has been trading at a new multi-year high near $ 478 against the US dollar.
- The price is currently correcting below $ 465, but is well above the simple moving average of 100 (4 hours).
- There has been a break below a key bullish trend line with support near $ 460 on the 4-hour chart of ETH / USD (data feed via Kraken).
- The pair continues to fall, but there is important support awaiting near the $ 440 and $ 435 levels.
The price of Ethereum is correcting the gains
Last week, bitcoin and ethereum performed very well above $ 16,000 and $ 450 against the US dollar respectively. The price of ETH even broke the resistance of $ 465 and stood well above the simple moving average of 100 (4 hours).
It has been trading at a new multi-month high near $ 478 and has recently begun a downward correction. There was a break below the 23.6% Fib retracement level of the upward wave from the $ 425 low swing to the $ 478 high. In addition, there was a break below a Key bullish trend line with support near $ 460 on ETH / USD 4-hour chart.
Source: ETHUSD on TradingView.com
The price of Ether is now in the key support zone of $ 455. The 50% Fib retracement level of the upward wave from the low of $ 425 to high of $ 478 is also close to the $ 461 level.
If there is a downside break below the $ 451 and $ 450 support levels, the price could correct further below. The next major support is near the $ 440 level as it is close to the simple moving average of 100 (4 hours). Any further losses could drive the price towards the swing low of $ 425.
New Aether Rise (ETH)?
If Ethereum stays above the $ 450 or 100 SMA support, there are high chances of a new rise. Initial upside resistance is near the $ 465 level.
The first major resistance is found at $ 470, above which the price is likely to aim for a break above the $ 478 high. In the stated case, the price is likely to rise towards the $ 495 resistance levels and $ 500 in the short term.
Technical indicators
4-hour MACD – The MACD for ETH / USD is slowly losing momentum in the bullish zone.
4-Hour RSI – The RSI for ETH / USD is now below the 50 level.
Main Support Level – $ 450
Major Resistance Level – $ 465
