Ethereum extended its gains above the USD 465 resistance to the US dollar. ETH price traded towards a new monthly high near USD 477 and recently started a downside correction.
- Ethereum is still on a nice upward path above the USD 450 and USD 455 support levels.
- The price traded to a new monthly high near $ 477 and settled above the 100 easy hourly moving average.
- A crucial bullish trendline is forming with support near USD 452 on the ETH / USD hourly chart (data feed via Kraken).
- The pair remains well supported near USD 450 and may resume its rise above USD 470.
Ethereum price is trading in a positive zone
There was a steady rise in Ethereum above the US USD 455 and USD 460 resistance levels. The ETH price even broke the USD 465 resistance level and came well above the 100 simple hourly moving average.
It even traded towards a new monthly high near USD 477 and recently started a downside correction. Ether price corrected below the $ 465 level. It is now testing the 50% Fib retracement level of the recent rise from the $ 441 swing low to the $ 477 high.
Initial key support is near the $ 454 level (a multi-touch zone). A crucial bullish trendline is also forming with support near $ 452 on the ETH / USD hourly chart. The trend line is close to the 76.4% Fib retracement level of the recent rise from the $ 441 swing low to the $ 477 high.
Source: ETHUSD on TradingView.com
On the upside, the USD 467 level is a short-term resistance to the bulls. The first major hurdle is near the USD 475 level, above which the price could rise above USD 477 and USD 480. The next major resistance is near the USD 488 level, above which the ether price could rise above USD 500. handle.
Downsides limited in ETH?
If there are more losses below the USD 458 level, Ethereum can take a strong buying interest near the USD 454 and USD 452 support levels.
The simple 100-hour moving average is also just above the USD 450 support level. Therefore, a break below the USD 450 support zone could trigger a sharp bearish move. The next big support below the USD 450 zone could be near the USD 432 level.
MACD per hour – The MACD for ETH / USD is slowly losing momentum in the bearish zone.
RSI per hour – The RSI for ETH / USD is now just below the 50 level.
Major Support Level – $ 452
Major Resistance Level – $ 467