- ETH price is correcting lower from the $478 swing high against the US Dollar, but it remains supported.
- There is a key contracting triangle forming with resistance near $478-480 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair has to stay above the $450 support and the 100 hourly simple moving average to move back higher.
Ethereum price is correcting lower against the US Dollar and Bitcoin. ETH/USD has to stay above $440-450 and the 100 hourly SMA to remain in the bullish zone.
Ethereum Price Resistance
There was a decent price action in ETH price above $440 against the US Dollar. The price remained in the bullish zone and it recently traded as high as $478.05 before initiating a downside correction. It is important to note that the price faced a major connecting resistance trend line at $478 that prevented further gains. During the decline, the downside move found support near $440 and the 100 hourly simple moving average.
There was once a close below $448-450 and the 100 hourly SMA. However, the price moved back in the bullish zone above $448-450 and also settled above the 100 hourly SMA. It seems like there is a key contracting triangle forming with resistance near $478-480 on the hourly chart of ETH/USD. The pair is currently above the 38.2% Fib retracement level of the last drop from the $478.05 high to $441.65 low.
However, the price is struggling to gain traction above $460-465. Moreover, the 50% Fib retracement level of the last drop from the $478.05 high to $441.65 low is acting as a resistance. Overall, the trend is positive as long as the price is above $440 and the 100 hourly SMA.
Hourly MACD – The MACD is about to move back in the bearish zone.
Hourly RSI – The RSI is currently well below the 50 level and is showing a few bearish signs.
Major Support Level – $440
Major Resistance Level – $478
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.