Key Highlights
- ETH price rushed towards the $495-500 resistance recently where it faced sellers against the US Dollar.
- There is a major bullish trend line forming with support near $408 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to move lower, but it remains supported on the downside near $418 and $408.
Ethereum price is moving nicely against the US Dollar and Bitcoin. ETH/USD is correcting lower, but dips remain supported above $408.
Ethereum Price Support
There were mostly ranging moves this past week in ETH price above the $400 handle against the US Dollar. The price tested the $400 support level on a couple of occasions and consolidated for some time. Once the consolidation is over, the price moved higher sharply and traded above $480. The upside move was strong as the price traded toward $500 before it faced sellers. A high was formed at $497.71 from where a correction wave was initiated.
ETH has already moved below the 50% Fib retracement level of the last wave from the $397.30 low to $497.71 high. It seems like the price might continue to move down towards the $428-428 support area. Moreover, there is also a major bullish trend line forming with support near $408 on the 4-hours chart of ETH/USD. An intermediate support is around the 76.4% Fib retracement level of the last wave from the $397.30 low to $497.71 high at $421.
Therefore, there are many supports on the downside above $408 to act as a barrier for more declines. The current trend is still positive and the recent dip can be seen as a correction from $497. As long as the price is above $400, it could resume its uptrend and move above the $460-465 levels.
4-hours MACD – The MACD is slowly moving from the bullish to bearish zone.
4-hours RSI – The RSI is currently below the 50 level.
Major Support Level – $408
Major Resistance Level – $465
Charts courtesy – SimpleFX
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Source: newsBTC