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.
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
