Key Highlights

  • ETH price is trading with a positive bias and is holding the $465 support area against the US Dollar.
  • There is a major bullish trend line forming with support at $465 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair might continue to move higher and it could soon attempt a break above $481-485.

Ethereum price is moving higher against the US Dollar and Bitcoin. ETH/USD needs to break $481-485 to gain traction in the near term.

Ethereum Price Trend

There was limited downside action in ETH price as it remained above the $458-455 support area against the US Dollar. The price traded as low as $458.10 and started an upside move. It looks like sellers failed to gain momentum and a correction wave near $458 is over. ETH has moved above the 38.2% Fib retracement level of the last drop from the $488.84 high to $458.10 low. It is a positive sign since the price is now above the $465 level.

On the downside, there is a major bullish trend line forming with support at $465 on the hourly chart of ETH/USD. The pair might continue to stay above the trend line support at $465-462. However, it has to gain upside momentum above $480-481 to avoid any declines in the near term. It is currently struggling to break the 61.8% Fib retracement level of the last drop from the $488.84 high to $458.10 low. A break and close above $481 could lift the market sentiment and the pair might trade towards $490-500.

Ethereum Price Technical Analysis ETH USD

On the downside, if buyers fail to hold $465, the last low of $458 might be tested. Below $458, losses should be limited by the $450 level.

Hourly MACD – The MACD is slowly gaining pace in the bullish slope.

Hourly RSI – The RSI is moving higher and is currently above the 50 level.

Major Support Level – $465

Major Resistance Level – $481

 

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.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is
well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.


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