Key Highlights
- ETH price recently corrected lower and found support near $448 against the US Dollar.
- There was a break above a contracting triangle with resistance at $457 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price remains in an uptrend and it might soon attempt an upside break above $480-482.
Ethereum price is once again moving higher against the US Dollar and Bitcoin. ETH/USD would soon attempt an upside break above $482 in the near term.
Ethereum Price Support
There was a minor correction wave initiated from the $482.89 swing high in ETH price against the US Dollar. The price moved below the $475 support and traded below the 23.6% Fib retracement level of the last wave from the $358.17 low to $482.89 high. However, the downside move was limited as the $450-488 support area came into the picture and prevented declines.
Moreover, the 38.2% Fib retracement level of the last wave from the $358.17 low to $482.89 high also acted as a support. Later, the price formed a base around the $448-450 levels and started upside move. There was a break above a contracting triangle with resistance at $457 on the hourly chart of ETH/USD. The pair is now back above the $460 level and is positioned well above the $450 support. It seems like the pair might continue to trade higher towards the last swing high of $482.
If buyers remain in action, there is even a chance that the pair would clear $480-482 for more gains. The next target in this case would be $500. On the downside, there are many support levels such as $464 and $460. The most important support is around the $450-448 zone.
Hourly MACD – The MACD is moving back in the bullish zone.
Hourly RSI – The RSI is well above the 50 level and signaling bullish bias.
Major Support Level – $460
Major Resistance Level – $480
Charts courtesy – SimpleFX
