Ethereum rallied close to $ 495, but it failed to test $ 500 against the US Dollar. ETH price is currently correcting gains (similar to bitcoin) and showing bearish signs below $ 485.
- Ethereum is correcting lower and trading below the key $ 485 pivot level.
- The price is holding the main $ 470 support level and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $ 474 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline sharply if there is a clear break below $ 474 and $ 470 in the near term.
Ethereum Price is Approaching Key Support
Ethereum rallied above the $ 480 and $ 485 resistance levels, but it failed to test the $ 500 barrier. ETH formed a high near the $ 495 level and it settled well above the 100 hourly simple moving average.
Recently, there was a sharp downside correction below the $ 485 pivot level. Ether price even broke the $ 480 support, but the bulls were able to protect the $ 470 support and the 100 hourly simple moving average.
The recent low was formed near the $ 470 level and the recent high was near $ 482. The price is currently declining and trading below the $ 480 level. It is testing the $ 476 support or the 50% Fib retracement level of the recent wave from the $ 470 low to $ 482 high.
Source: ETHUSD on TradingView.com
The next major support is near the $ 474 level. There is also a major bullish trend line forming with support near $ 474 on the hourly chart of ETH/USD. The trend line coincides with the 61.8% Fib retracement level of the recent wave from the $ 470 low to $ 482 high.
The main support is near the $ 470 level and the 100 hourly simple moving average. If there is a clear break below the trend line support, $ 470, and the 100 hourly SMA, the price could decline sharply towards the $ 455 level in the coming sessions.
Fresh Increase in ETH?
If ethereum stays above the trend line support or $ 470, it could attempt a fresh increase. An initial resistance on the upside is near the $ 482 high.
The first major resistance is near the $ 485 level. A successful break above the $ 485 pivot level could open the doors for a fresh increase towards the $ 495 high or even $ 500.
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now just below the 50 level.
Major Support Level – $ 470
Major Resistance Level – $ 485