Ethereum lacks momentum in order to surpass the $470 price range as it found support near the $440 level and settled above $450. The price will gain momentum if there’s a proper close above this price range so let’s read more in our ethereum price news.
Ethereum is showing a lot of positive signs above the $450 and the $452 support levels as the price testing the $470 resistance with the 100 hourly simple moving average. There was a break above the bearish trend line with resistance close to the $452 on the hourly charts of the pair which could speed up higher if there’s a clear break and close above $470. Ethereum recovered from the $440 support level and climbed back above the $450 level with the price forming a support base near the $450 level and the 100 hourly simple moving average.
The price increased gained some pace after the break above the major bearish trend line with the resistance close to the $452 on the hourly chart of ETH/USD pair. ETH price broke the 50% fib retracement level from the downward movement at the $478 high to $440 low, as per the price analysis. The pair opened the doors for more gains above the $465 level but the price seems to be facing more resistance close to the $470 level. The 76% fib retracement level from the downward move at $478 high to $440 low acts as a resistance.
In order to start a rally, ETH has to break the $470 barrier with a break above the $470 level that acts as a resistance that will open the doors for more highs above $478. In the said case, there are more chances of an increase towards $500 barrier with the intermediate resistance that could be close to the $495 level. Ethereum lacks momentum and if there’s no upside break above the $468 and the $470 resistance level that ETH will correct a few points. The initial support is near the $460 level.
The main support is forming close to the $458 level and 100 hourly simple moving average with more losses that could spike a bigger drop below the $450 support level in the near-term. The next key support for the bulls is close to the $440 level. The hourly MACD for the pair is losing momentum in the bullish zone while the hourly RSI for the pair is well above 50 levels.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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