Ethereum Price Analysis: ETH Eyeing More Upsides Above $450
Ethereum price is currently following a nice uptrend above $400 against the US Dollar. ETH/USD might start another strong rally once it clears the $450 résistance.
Ethereum Price Analysis
In the past few days, Ethereum price followed a positive path above the $380 pivot level against the US Dollar. ETH price broke the main $400 resistance to move further into a positive zone.
There was also a close above the $400 level and the 55 simple moving average (4-hours). The bulls gained strength and the price rallied above the $420 and $430 levels. It traded to a new monthly high near $448 and it is currently correcting gains.
There was a break below the 23.6% Fib retracement level of the upward move from the $378 swing low to $448 high. However, there are many key supports forming near the $412 and $410 levels.
Moreover, there is a crucial bullish trend line forming with support near $402 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the upward move from the $378 swing low to $448 high. The 55 simple moving average (4-hours) is also positioned near the $410 level.
Therefore, the price is likely to find a strong buying interest if it dips towards the $412 and $410 support levels. The next major support is near the $402 and $400 levels, below which the price could decline sharply towards the $380 support zone.
Conversely, the price could start a fresh increase above the $435 and $440 levels. The first major hurdle is near the $450 level, above which the bulls are likely to aim another 5%-10% rally in the near term.
Looking at the chart, Ethereum price is clearly following a nice uptrend above the $400 support level. Therefore, the price is likely to climb further above the $450 resistance as long as it is above $400.
4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently moving lower towards the 50 level.
Key Support Levels – $412, followed by the $400 zone.
Key Resistance Levels – $435 and $450.
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