2020-11-8 09:48 |
Ethereum started a strong increase above $400 and traded close to $465 against the US Dollar. ETH price is correcting gains, but it is likely to climb again towards $465.
ETH price rallied above the $400 and $420 resistance levels against the US Dollar. The price traded as high as $465 and settled well above the 100 simple moving average (4-hours). There was a break above a crucial bearish trend line with resistance near $400 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair is likely to rally again if it clears the $440, $445 and $450 resistance levels. Ethereum Price is Holding Key SupportsThis past week, Ethereum started a sharp increase above the $400 resistance against the US Dollar. A support base was formed near $372 before ETH price gained pace (similar to bitcoin above $14,000).
To start the rally, there was a break above a crucial bearish trend line with resistance near $400 on the 4-hours chart of ETH/USD. The pair surged above the $420 resistance and settled well above the 100 simple moving average (4-hours).
The upward move was such that the price climbed higher above the $450 resistance and traded to a new multi-month high at $465. Ether price started a downside correction from $465 and traded below the $450 support.
There was a break below the 23.6% Fib retracement level of the upward move from the $371 swing low to $465 high. The price also traded below the $440 support level, but it found support near the $425 level.
The next major support is near the $420 zone or the 50% Fib retracement level of the upward move from the $371 swing low to $465 high. Ether is currently rising and trading above $435. An initial resistance on the upside is near the $440 and $445 levels.
A clear break above the $445 resistance zone could open the doors for a fresh increase above $450. The next major resistance is near $465, above which the price could surge towards the $480 level.
More Downsides in Ether (ETH)?If Ethereum fails to clear the $440 and $445 resistance levels, it might extend its downside correction. An initial support on the downside is near the $425 level.
The main support is forming near the $420 zone. Any further losses could lead the price towards the crucial $405 support (a multi-touch zone) and the 100 simple moving average (4-hours).
Technical Indicators
4 hours MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
4 hours RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $420
Major Resistance Level – $440
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