Key Highlights
- ETH price climbed higher and it recently traded to a new all-time high at $482.17 against the US Dollar.
- There are two important bullish trend lines forming with support at $448 and $350 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might correct a bit on the downside but remains supported well near $450 and $420.
Ethereum price made heavy gains recently against the US Dollar and Bitcoin. ETH/USD started a short-term correction after trading as high as $482.17.
Ethereum Price Support
There were heavy gains in ETH price this past week as it traded above the $420, $450 and $460 resistance levels against the US Dollar. The price traded to a new all-time high at $482.17 and later started a downside correction. It has moved below the 23.6% Fib retracement level of the last wave from the $398.17 low to $382.17 high. The current move can be seen as a part of a correction from the $482.17 swing high.
On the downside, there are many supports such as $450 and $440. There are two important bullish trend lines forming with support at $448 and $350 on the 4-hours chart of ETH/USD. The first trend line is also near the 50% Fib retracement level of the last wave from the $398.17 low to $382.17 high. Therefore, any major dips from the current levels toward $448-440 remains supported.
Below $440, the next major support is near $418. It looks like there is a chance of ETH testing at least $448 in the near term. However, the overall trend is positive as long as the $350 pivot is intact. On the upside, an initial resistance is around the $480-482 levels. A push above might call for a test of the $500 handle.
4-hours MACD – The MACD is placed well in the bullish zone.
4-hours RSI – The RSI is correcting lower from the 75 level.
Major Support Level – $448
Major Resistance Level – $482
Charts courtesy – SimpleFX
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