Ethereum Price Technical Analysis – ETH/USD to Break $480 Soon?


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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

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