News

Ethereum rallied close to $495, but it failed to test $500 against the US Dollar. ETH price is currently correcting gains (similar to bitcoin) and showing bearish signs below $485.

  • Ethereum is correcting lower and trading below the key $485 pivot level.
  • The price is holding the main $470 support level and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $474 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline sharply if there is a clear break below $474 and $470 in the near term.

Ethereum Price is Approaching Key Support

Ethereum rallied above the $480 and $485 resistance levels, but it failed to test the $500 barrier. ETH formed a high near the $495 level and it settled well above the 100 hourly simple moving average.

Recently, there was a sharp downside correction below the $485 pivot level. Ether price even broke the $480 support, but the bulls were able to protect the $470 support and the 100 hourly simple moving average.

The recent low was formed near the $470 level and the recent high was near $482. The price is currently declining and trading below the $480 level. It is testing the $476 support or the 50% Fib retracement level of the recent wave from the $470 low to $482 high.

Source: ETHUSD on TradingView.com

The next major support is near the $474 level. There is also a major bullish trend line forming with support near $474 on the hourly chart of ETH/USD. The trend line coincides with the 61.8% Fib retracement level of the recent wave from the $470 low to $482 high.

The main support is near the $470 level and the 100 hourly simple moving average. If there is a clear break below the trend line support, $470, and the 100 hourly SMA, the price could decline sharply towards the $455 level in the coming sessions.

Fresh Increase in ETH?

If ethereum stays above the trend line support or $470, it could attempt a fresh increase. An initial resistance on the upside is near the $482 high.

The first major resistance is near the $485 level. A successful break above the $485 pivot level could open the doors for a fresh increase towards the $495 high or even $500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now just below the 50 level.

Major Support Level – $470

Major Resistance Level – $485

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
Bitcoin Liquidation Data Suggest Recent Crypto Rally Wasn’t Driven by Retail Buyers
EURST Stablecoin – Reinvention of the European Economy
Investment strategies, tax tips, bitcoin and more
XRP Could See a Strong Push Higher as Bulls Degrade Key Resistance
4 key indicators reflect extreme optimism from pro Bitcoin traders

Leave a Reply

Your email address will not be published. Required fields are marked *