Key Highlights
- ETH price is facing a major resistance near the $472-480 levels against the US Dollar.
- There are two bearish trend lines formed with resistance at $472 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair must break these trend lines and settle above $472-480 to gain upside momentum.
Ethereum price is struggling to gain bullish traction versus the US Dollar and Bitcoin. ETH/USD’s current price structure suggests an upside break above $472.
Ethereum Price Upside Hurdle
This past week, there were many swing moves near the $470-80 zone in ETH price against the US Dollar. The ETH/USD pair made many attempts to settle above the $490-500 resistance zone. However, buyers failed to gain bullish momentum and the price remained in a bearish zone below $490. The last swing high was $486.21 from where the price corrected lower.
It broke the 50% fib retracement level of the last wave from the $446 low to $486 high. There was even a spike below the $460 level and the 100 simple moving average (4-hours). Later, buyers appeared near the $455 level and the 76.4% fib retracement level of the last wave from the $446 low to $486 high. On the upside, there are two bearish trend lines formed with resistance at $472 on the 4-hours chart of ETH/USD. A break above these trend lines and a close above $472-480 is needed for more gains. The next hurdle for buyers sits near $486, which is the last swing high. Finally, above $486, the price will most likely clear the $500 barrier to move into a bullish zone.
The above chart indicates that the price is preparing for an upside break above $472-480. If there is a downside move, the price may perhaps find support near the $455 and $446 levels.
4-hours MACD – The MACD is mostly neutral with no major bullish sign.
4-hours RSI – The RSI is currently flat near the 50 level.
Major Support Level – $446
Major Resistance Level – $480