Ethereum Price Analysis: ETH Signaling Bullish Continuation

Ethereum price is trading in a positive zone above $420 against the US Dollar. ETH/USD could accelerate higher once again if it clears the $455 and $460 levels.

Ethereum Price Analysis

In the past few days, there was a sharp increase in Ethereum price from well below the $400 level against the US Dollar. ETH price broke the $420 resistance level and settled well above the 55 simple moving average (4-hours).

There was even a break above the $450 level. The price traded close to $470 before starting a downside correction. There was a sharp decline below the $440 level, but the price remained well bid above the $420 support zone.

A swing low was formed near $423 before the price recovered higher. It traded as high as $460 and seems to be consolidating in a range. It corrected below the $450 level, and the 50% Fib retracement level of the upward move from the $423 swing low to $460 swing high.

It seems like there is a major contracting triangle forming with resistance near $452 on the 4-hours chart. If there is an upside break above the triangle resistance and $455, the price could start a strong upward move. The next key resistance is near the $460 level, above which the price bulls might aim a test of the $480 level.

An initial support on the downside is near the $440 level. The triangle support is also close to the 61.8% Fib retracement level of the upward move from the $423 swing low to $460 swing high.

If there is a downside break below the triangle support, with a follow through move below the $435 level, the price could continue to move down. The next major support is near the $423 low. Any further losses could open the doors for a larger decline towards the $405 and $400 support levels in the near term.

Ethereum Price

Looking at the chart, Ethereum price is clearly consolidating above the $440 support. Overall, ether could either restart its rally above the $455 level or it might revisit the $400 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still above the 50 level.

Key Support Levels – $440, followed by the $423 zone.

Key Resistance Levels – $455 and $470.

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