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
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
