Key Highlights
- ETH price mostly traded in a range above the $455-450 support against the US Dollar.
- Yesterday’s highlighted key contracting triangle with current resistance near $485 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is holding a major support area near $455 and the 100 hourly simple moving average.
Ethereum price is holding key supports against the US Dollar and Bitcoin. ETH/USD might continue to face strong buying interest above $455.
Ethereum Price Support
There was no upside reaction in ETH price above the $470-472 resistance area against the US Dollar. At the same time, the downside move was limited by the $448-450 support. More importantly, yesterday’s highlighted key contracting triangle with current resistance near $485 is intact on the hourly chart of ETH/USD. The triangle support around $455 is positioned around the 100 hourly simple moving average.
The pair recently tested the 38.2% Fib retracement level of the last leg from the $390.74 low to $479.94 high. It gained bids and moved back above $450 and the 100 hourly simple moving average. The overall price action is positive above $455, but buyers are losing grip. They need to gain momentum and push the price above the $470 level. However, the most important resistance is around the $485 level and the triangle upper trend line. There can be a couple of swing moves, but the price has to stay above $455.
Should there be a break below $455 or the 100 hourly SMA, the price might test the 50% Fib retracement level of the last leg from the $390.74 low to $479.94 high at $445. On the upside, an initial resistance is around $468, followed by $470 and $485.
Hourly MACD – The MACD is mostly flat with a minor bullish divergence.
Hourly RSI – The RSI is just above the 50 level and is struggling to stay above the stated level.
Major Support Level – $455
Major Resistance Level – $485
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
