Key Highlights
- ETH price after trading as high as $488.68 started a downside correction against the US Dollar.
- There is a key bullish trend line forming with support at $471.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
- A break below the trend line support might ignite an extended decline towards the $458 level.
Ethereum price is consolidating gains against the US Dollar and Bitcoin. ETH/USD is showing signs of a short-term decline may be towards $458 or 100 SMA.
Ethereum Price Support
There was not much of an upside move in ETH price above $480 against the US Dollar. The price did break the $480 level and traded as high as $488.68. Later, it started a downside correction and moved below the $478 support. It even declined below the 23.6% Fib retracement level of the last up wave from the $398.36 low to $488.68 high.
However, the decline was protected by the $460 support area. Moreover, a key bullish trend line with current support at $471.50 on the hourly chart of ETH/USD also prevented declines. The pair is currently consolidating above the trend line support and $470. It has to remain above the $471.50 support, else, there is a risk of a downside break towards the $458 level. The mentioned $458 level is close to the 100 hourly simple moving average.
Furthermore, the 38.2% Fib retracement level of the last up wave from the $398.36 low to $488.68 high might also act as a support near $454. If buyers fail to hold the $454 support, it would call for further declines may be towards $432. On the upside, the $480 level is an initial resistance followed by the recent high of $488.
Hourly MACD – The MACD has reduced most of its bullish slope.
Hourly RSI – The RSI is currently just around the 50 level and is showing a few bearish signs.
Major Support Level – $458
Major Resistance Level – $488
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Source: newsBTC