- ETH price is holding the $ 400-402 support area and is currently consolidating against the US Dollar.
- There is a crucial bearish trend line in place with resistance at $ 412 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is facing many resistances on the upside near $ 412, $ 416 and $ 428 for more recoveries.
Ethereum price remains in a downtrend against the US Dollar and bitcoin. ETH/USD must clear the $ 412 and $ 728 resistances to gain traction in the near term.
Ethereum Price Upside Hurdles
There were heavy losses below $ 440 this past week in ETH price against the US Dollar. The ETH/USD pair traded below $ 400, but it later recovered and started consolidating in a range. It seems like the price is forming a decent support near the $ 400-402 zone. It recently traded above the 50% Fib retracement level of the recent slide from the $ 420 high to $ 399 low.
However, the price is currently facing a major resistance near $ 412 and the 100 hourly simple moving average. There is also a crucial bearish trend line in place with resistance at $ 412 on the hourly chart of ETH/USD. Moreover, the 61.8% Fib retracement level of the recent slide from the $ 420 high to $ 399 low is also near $ 412. Therefore, a break and close above $ 412 is needed for more gains in the near term. Above this, the next important hurdle for a larger recovery is around the $ 428 level. It represents a significant pivot level and a barrier for a push towards the $ 440 level.
Looking at the chart, ETH price is currently attempting a recovery above $ 410, but it facing many hurdles near the $ 412, $ 416 and $ 428 levels. On the downside, the $ 402 and $ 400 levels are important supports.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is currently positioned nicely above the 50 level with positive signs.
Major Support Level – $ 402
Major Resistance Level – $ 428