Key Highlights
- ETH price after a dip found support near the $390 level and moved higher against the US Dollar.
- There is a crucial bullish trend line forming with support near $415 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might correct once again towards the trend line or $420, but downsides remain limited.
Ethereum price remains bullish against the US Dollar, but struggling against Bitcoin. ETH/USD might dip a few points, but remains supported.
Ethereum Price Trend
This past week was a roller coaster ride for ETH price as it traded above the $500 handle against the US Dollar. The price traded to a new all-time high at $513.75 before facing strong selling interest. There was a sharp decline and the price moved below the $500, $440 and $400 support levels. A low as formed near $390.00 from where the price started an upside move.
The downside move was mainly protected by a crucial bullish trend line with current support near $415 on the 4-hours chart of ETH/USD. Moreover, the $400 handle and the 100 simple moving average (4-hours) also acted as a strong support. The pair recovered and moved above the 50% Fib retracement level of the last decline from the $513.75 high to $390.74 low. The current price action is positive above the $440 level, but the pair is struggling near $466. The mentioned $466 level is the 61.8% Fib retracement level of the last decline from the $513.75 high to $390.74 low.
The pair is struggling to break the $466-470 levels. Therefore, there are chances of it declining once again towards $430 or the trend line support. However, downsides remain limited below $410 and the bullish trend remains intact for more gains.
4-hours MACD – The MACD is moving back from the bearish to bullish zone.
4-hours RSI – The RSI is currently just above the 50 level.
Major Support Level – $430
Major Resistance Level – $466
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
