TA: Ethereum Lacks Momentum Above $470: Why Bulls Are Comfortable

Ethereum found support near the $440 level and settled above $450 against the US Dollar. ETH price is likely to gain momentum if there is a proper close above $470.

  • Ethereum is showing a few positive signs above the $450 and $452 support levels.
  • The price is testing the $470 resistance and it is above the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $452 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate higher if there is a clear break and close above $470.

Ethereum Price is Attempting Upside Break

Ethereum recovered from the $440 support level and it climbed back above $450. ETH price is now forming a support base near the $450 level and the 100 hourly simple moving average.

The recent increase gained pace after there was a break above a major bearish trend line with resistance near $452 on the hourly chart of ETH/USD. Ether price even broke the 50% Fib retracement level of the downward move from the $478 high to $440 low.

It opened the doors for more gains above $465, but the price seems to be facing a strong resistance near the $470 level. The 76.4% Fib retracement level of the downward move from the $478 high to $440 low is also acting as a resistance.

Ethereum Price

To start a strong rally, ether must break the $470 barrier. A successful close above the $470 resistance is likely to open the doors for a fresh high above $478 (similar to bitcoin). In the stated case, there are chances of a steady rise towards the $500 barrier. An intermediate resistance could be near the $495 level.

Downsides Limited in ETH?

If there is no upside break above the $468 and $470 resistance levels, ethereum might correct a few points. An initial support is near the $460 level.

The main support is now forming near the $458 level and the 100 hourly simple moving average.  Any more losses could trigger a larger decline below the $450 support level in the near term. The next key support for the bulls is near the $440 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Major Support Level – $458

Major Resistance Level – $470

Source link

The post TA: Ethereum Lacks Momentum Above $470: Why Bulls Are Comfortable appeared first on Crypto new media.

Leave a Comment