- ETH price traded in a range above the $460 support area against the US Dollar.
- There is a key bearish trend line in place with resistance near $470 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may perhaps break the trend line and the $478 resistance to gain upside momentum.
Ethereum price is consolidating in a crucial range against the US Dollar and bitcoin. ETH/USD must break the $4770, $478 and $484 resistances to gain traction.
Ethereum Price Upsides Hurdles
There were no major moves above the $478 level in ETH price against the US Dollar. The ETH/USD pair mostly consolidated in a range above the $458 and $460 support levels. On the downside, there is an important support forming near the $460 level. The price recently bounced above the $465 level and the 50% Fib retracement level of the last decline from the $484 high to $455 low.
However, the upside move was capped by the $470-472 resistance. More importantly, there is a key bearish trend line in place with resistance near $470 on the hourly chart of ETH/USD. The pair must break the trend line and the $478 resistance to gain traction. An intermediate resistance is the 76.4% Fib retracement level of the last decline from the $484 high to $455 low. Finally, there is a significant barrier near the $480-484 resistance. A close above this could open the doors for a rally above the $500 handle.
Looking at the chart, the price is trading in a range above $460 with limited moves. Below the $460 support, the next support sits around the $455 level. As long as the price is above these levels, it is likely to break the $470-472 zone and attempt an upside break.
Hourly MACD – The MACD was flat during the past few sessions in the bullish zone.
Hourly RSI – The RSI is currently just above the 50 level with neutral signs.
Major Support Level – $460
Major Resistance Level – $472
Check out the original article here.
Author: Alicia P