Key Highlights
- ETH price started a recovery from the $390 swing low against the US Dollar, but is facing many hurdles.
- There is a short-term bearish trend line forming with resistance near $430 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair might struggle to break the $430 and $458 resistance levels in the near term.
Ethereum price is correcting higher against the US Dollar and Bitcoin. ETH/USD has to move above $430 and $458 to overcome the current pressure.
Ethereum Price Upside Hurdles
There was continuous pressure on ETH price as it remained below the $458 resistance against the US Dollar. The price started a recovery from the $390 swing low and moved above $420. It even moved above the 50% Fib retracement level of the last drop from the $455.99 high to $390.74 low. However, the price is facing many hurdles on the upside near $430 and $458.
The current recovery was capped by the 76.4% Fib retracement level of the last drop from the $455.99 high to $390.74 low. There is also a short-term bearish trend line forming with resistance near $430 on the hourly chart of ETH/USD. If the pair succeeds in breaking the trend line resistance at $430, it might challenge $455-458. The stated $458 level is very important as a resistance. It acted as a support earlier and now it might prevent gains above $460. Moreover, the 100 hourly simple moving average is near $455 to prevent buyers from taking control.
It looks like the price might trade in a range below $455 for some time before it makes an upside move. On the downside, a couple of important supports are at $410 and $400 followed the recent low at $390.
Hourly MACD – The MACD has reduced most of its bearish slope.
Hourly RSI – The RSI is currently just around the 50 level and has reduced most bearish signs.
Major Support Level – $420
Major Resistance Level – $455
Charts courtesy – SimpleFX
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