Analysis

Ethereum Price Analysis: ETH/USD Struggling Near 100 SMA

Key Highlights

  • ETH price moved above the $ 448 resistance and tested the $ 470 zone against the US Dollar.
  • There was a break above yesterday’s highlighted important bearish trend line with resistance at $ 448 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently struggling to clear the $ 470 resistance and the 100 hourly simple moving average.

Ethereum price is showing a few positive signs against the US Dollar and Bitcoin. ETH/USD must clear the 100 hourly SMA to gain traction in the near term.

Ethereum Price Resistance

There was a decent upside move above $ 440 in ETH price against the US Dollar. The ETH/USD pair managed to move above the $ 448 and $ 450 resistance levels. During the upside, the price broke the 61.8% Fib retracement level of the last decline from the $ 485 swing high to $ 420 low. After a close above the $ 450 level, the price attempted further gains.

Moreover, there was a break above yesterday’s highlighted important bearish trend line with resistance at $ 448 on the hourly chart of ETH/USD. However, the upside move was capped by the 100 hourly SMA near the $ 470-475 resistance zone. As a result, there was a downside correction below $ 465. The pair also broke the 23.6% Fib retracement level of the last wave from the $ 420 low to $ 473 high. However, there are many supports on the downside above the $ 448 level. The 50% Fib retracement level of the last wave from the $ 420 low to $ 473 high is also near $ 447 to hold losses.

Ethereum Price Analysis ETH USD

Looking at the chart, the price has to move past the 100 hourly SMA and $ 470 to gain upside momentum. On the flip side, a bearish break below $ 448 could open the doors for a fresh downside wave.

Hourly MACD – The MACD has moved back in the bearish zone.

Hourly RSI – The RSI is just above the 50 level with a few bullish signs.

Major Support Level – $ 448

Major Resistance Level – $ 470

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Analysis – NewsBTC

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