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
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
