Key Highlights
- ETH price started a recovery from the $390 swing low against the US Dollar, but is facing many hurdles.
- There is a short-term bearish trend line forming with resistance near $430 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair might struggle to break the $430 and $458 resistance levels in the near term.
Ethereum price is correcting higher against the US Dollar and Bitcoin. ETH/USD has to move above $430 and $458 to overcome the current pressure.
Ethereum Price Upside Hurdles
There was continuous pressure on ETH price as it remained below the $458 resistance against the US Dollar. The price started a recovery from the $390 swing low and moved above $420. It even moved above the 50% Fib retracement level of the last drop from the $455.99 high to $390.74 low. However, the price is facing many hurdles on the upside near $430 and $458.
The current recovery was capped by the 76.4% Fib retracement level of the last drop from the $455.99 high to $390.74 low. There is also a short-term bearish trend line forming with resistance near $430 on the hourly chart of ETH/USD. If the pair succeeds in breaking the trend line resistance at $430, it might challenge $455-458. The stated $458 level is very important as a resistance. It acted as a support earlier and now it might prevent gains above $460. Moreover, the 100 hourly simple moving average is near $455 to prevent buyers from taking control.
It looks like the price might trade in a range below $455 for some time before it makes an upside move. On the downside, a couple of important supports are at $410 and $400 followed the recent low at $390.
Hourly MACD – The MACD has reduced most of its bearish slope.
Hourly RSI – The RSI is currently just around the 50 level and has reduced most bearish signs.
Major Support Level – $420
Major Resistance Level – $455
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.
