Ethereum Price Analysis: ETH/USD Consolidating Above $460

Key Highlights

  • ETH price traded in a range above the $458-460 support zone against the US Dollar.
  • Yesterday’s highlighted crucial bullish trend line is intact with support at $458 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may slowly move higher as long as it is above the $458 support level.

Ethereum price is trading in a range against the US Dollar and Bitcoin. ETH/USD could gain traction if buyers continue to stop declines below $458.

Ethereum Price Support

Recently, there were a couple of swing moves above $455 in ETH price against the US Dollar. The ETH/USD pair tested the $476-480 resistance zone where it faced sellers. It declined and traded towards the $455-460 support area. Buyers were able to protect losses below $458 and the price remains supported. The recent low was $458.29 and the price is currently moving higher.

It is trading above the 23.6% Fib retracement level of the last decline from the $483 high to $458 low. The price is slightly in the bullish zone above $465 and the 100 hourly simple moving average. An initial resistance on the upside is near the $470 level. The next one is the 50% Fib retracement level of the last decline from the $483 high to $458 low at $471. Above this, the price could continue to move higher towards the $478 resistance. A successful break above the $478-480 resistance zone is needed for buyers to gain traction. On the downside, yesterday’s highlighted crucial bullish trend line is intact with support at $458 on the hourly chart of ETH/USD.

Looking at the chart, the price is trading comfortably above the $458 support area. However, it must gain traction above the $478-480 resistance zone to move further higher. Otherwise, there is a risk of a break below the trend line and $455 in the near term.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is currently just above the 50 level.

Major Support Level – $458

Major Resistance Level – $478

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