Key Highlights
- ETH price recently corrected lower and found support near $448 against the US Dollar.
- There was a break above a contracting triangle with resistance at $457 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price remains in an uptrend and it might soon attempt an upside break above $480-482.
Ethereum price is once again moving higher against the US Dollar and Bitcoin. ETH/USD would soon attempt an upside break above $482 in the near term.
Ethereum Price Support
There was a minor correction wave initiated from the $482.89 swing high in ETH price against the US Dollar. The price moved below the $475 support and traded below the 23.6% Fib retracement level of the last wave from the $358.17 low to $482.89 high. However, the downside move was limited as the $450-488 support area came into the picture and prevented declines.
Moreover, the 38.2% Fib retracement level of the last wave from the $358.17 low to $482.89 high also acted as a support. Later, the price formed a base around the $448-450 levels and started upside move. There was a break above a contracting triangle with resistance at $457 on the hourly chart of ETH/USD. The pair is now back above the $460 level and is positioned well above the $450 support. It seems like the pair might continue to trade higher towards the last swing high of $482.
If buyers remain in action, there is even a chance that the pair would clear $480-482 for more gains. The next target in this case would be $500. On the downside, there are many support levels such as $464 and $460. The most important support is around the $450-448 zone.
Hourly MACD – The MACD is moving back in the bullish zone.
Hourly RSI – The RSI is well above the 50 level and signaling bullish bias.
Major Support Level – $460
Major Resistance Level – $480
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
Source: newsBTC