The ETH bulls keep on pushing since Ethereum extended the rise above the $465 resistance against the US Dollar. The Ethereum price traded to a new monthly high close to $477 and started a downside correction as well so let’s check on the Ethereum price analysis.
Ethereum is still following the bullish path above $450 and $455 support levels. The price traded to a new monthly high near $477 and settled above the 100 hourly simple moving average. There’s a crucial bullish trend line forming with support near the $452 on the hourly charts of the pair. The Pair seems to be in the $450 support zone and it could resume the rise above $470. There was a steady rise in Ethereum above the $455 and the $460 resistance levels. The price even broke the $465 resistance and settled into the 100hourly moving average.
The price traded to a new monthly high near $477 and started a downside correction as well. Ether’s price corrected below $465 but it’s now testing the 50% fib retracement level from the recent rise at $441 swing low to $477 high. The first key support is close to the $454 level with a crucial bullish trend line forming with support near the $452 on the hourly charts of the pair. The trend line is close to the 76% fib retracement level from the rise at $441 swing low to $477 high. On the upside, the $467 level is a short-term resistance for the bulls so the main hurdle is set at the $475 level above which the price could visit the $500 zone.
If there are more losses below these levels, Ethereum could find a strong buying interest among $454 support. As the ETH bulls keep on pushing, the 100 hourly simple moving average is positioned above the $450 support level. A break below it, could spark a sharp bearish move. The next major support below the $450 zone could be near the $432 level. The hourly MACD for the pair is losing momentum in the bearish zone while the RSI for the pair is below 50.
As reported earlier, Analysts say that Ethereum is primed to move higher in the upcoming weeks ahead. The analyst noted that the cryptocurrency is now in the middle of the bull pennant pattern which will trigger a move above $500. Ethereum is also expected to surpass $800 as it turns the $400 region into support.
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