Ethereum corrected lower but found strong support near the USD 465 level against the US dollar. The ETH price is currently rising and is likely to climb further towards USD 500.
- Ethereum is showing many positive signs and it is now well above the USD 465 support level.
- The price is trading above the USD 480 resistance and the 100-hour simple moving average.
- There was a break above a large contracting triangle with resistance at $ 478 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could see steady gains towards USD 495 and USD 500 in the near term.
Ethereum price signals more benefits
Ethereum corrected lower below the USD 475 level, but the bulls were able to protect the USD 465 zone. ETH price appears to be forming a strong support base above the USD 465 level and the 100 simple hourly moving average.
The recent swing low was close to USD 470 before the price moved higher. There was a break above the USD 475 and USD 480 resistance levels. More importantly, there was a break above a large contracting triangle with resistance at USD 478 on the ETH / USD hourly chart.
Ether price climbed above USD 485 and tested the USD 490 zone. It is currently consolidating gains and is trading near the 23.6% Fib retracement level of the recent upward move from $ 470 low to $ 489 high.
Source: ETHUSD on TradingView.com
The first major support is near the USD 480 level. It is close to the 50% Fib retracement level from the recent upward move from USD 470 low to USD 489 high. On the upside, the USD 490 level is a near term resistance. A clear break above the recent high could open the doors more benefits towards the $ 495 and $ 500 levels. The bulls’ next target could be $ 520.
Dips supported in ETH?
If ethereum starts a fresh decline near USD 490 or USD 495, it will likely find support near USD 480. The first major support below USD 480 is near the USD 472 level as it is close to USD the 100-hour simple moving average.
The main support is at USD 465. A successful close below the USD 465 support level could cause a significant decline and ether could decline towards the USD 450 level.
MACD per hour – The MACD for ETH / USD is slowly losing momentum in the bullish zone.
RSI per hour – The RSI for ETH / USD is now just below the 50 level.
Major Support Level – USD 470
Major Resistance Level – $ 485