- 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.
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