[ad_1]
Ethereum found support near the $ 440 level and traded above $ 450 against the US dollar. The price of the ETH is likely to gain momentum if a proper close above $ 470 occurs.
- Ethereum is showing some positive signs above the $ 450 and $ 452 support levels.
- The price is testing the resistance of $ 470 and is above the 100-hour simple moving average.
- There has been a break above a major bearish trend line with resistance near $ 452 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could accelerate to the upside if a clear breakout occurs and close above $ 470.
The price of Ethereum is attempting a break to the upside
Ethereum has recovered from the $ 440 support level and moved back above $ 450. The ETH price is now forming a support base near the $ 450 level and the 100-hour simple moving average.
The recent rise gained pace after a break above a major bearish trend line with resistance near $ 452 on the hourly ETH / USD chart occurred. The ether price even broke the 50% Fib retracement level of the downward move from the high of $ 478 to the low of $ 440.
It has opened the door for further gains above $ 465, but the price appears to face strong resistance near the $ 470 level. Also the 76.4% Fib retracement level of the downward move from the high of $ 478 to the low of $ 440 acts as a resistance.
To start a strong rally, Ether needs to break through the $ 470 barrier. A successful close above the $ 470 resistance is likely to open the door for a new high above $ 478 (similar to bitcoin). In the stated case, there are chances of a steady rise towards the $ 500 barrier. An intermediate resistance could be close to the $ 495 level.
Limited downsides in ETH?
If there is no break to the upside above the $ 468 and $ 470 resistance levels, ethereum may correct some points. Initial support is near the $ 460 level.
Major support is now forming near the $ 458 level and the 100-hour simple moving average. Any further losses could trigger a major drop below the $ 450 support level in the near term. The next key support for the bulls is near the $ 440 level.
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 50 level.
Main Support Level: $ 458
Major Resistance Level: $ 470
