Key Highlights
- ETH price managed to recover higher after forming a low near the $404 level against the US Dollar.
- There is a monster bearish trend line formed with resistance near $456 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair has to move above the $456 and $480 resistance levels to gain upside momentum.
Ethereum price is facing a major resistance versus the US Dollar and Bitcoin. ETH/USD must clear the $456 hurdle to test the next hurdle at $480.
Ethereum Price Upside Hurdles
This past week, there was a nasty decline from well above $450 in ETH price against the US Dollar. The ETH/USD pair tumbled and traded towards the $400 handle. A low was formed at $404.46 before the price started an upside correction. It bounced back above $430 and cleared the 23.6% fib retracement level of the last drop from the $549 high to $404 low.
However, the price faced a crucial resistance near the $456-460 zone. There is a monster bearish trend line formed with resistance near $456 on the 4-hours chart of ETH/USD. The same trend line is positioned near the previous support area at $460. Moreover, the 38.2% fib retracement level of the last drop from the $549 high to $404 low is also near $460. Therefore, a break above the trend line and $456 resistance is needed for more gains. Above this, the next hurdle is near the 100 simple moving average (4-hours) and $480. Above $480, the price will most likely clear the $500 resistance for more gains.
The above chart indicates that the price may find it very difficult to clear the $456-460 zone. If it fails to move higher, it could correct lower towards $440 and $430. Any further declines may perhaps put the price back in a bearish zone towards $410.
4-hours MACD – The MACD is back in the bullish zone.
4-hours RSI – The RSI is currently well above the 50 level.
Major Support Level – $430
Major Resistance Level – $456
The post Ethereum Price Weekly Analysis: Can ETH/USD Break This? appeared first on NewsBTC.