Ethereum Price Analysis: ETH/USD Broke Key Resistance

Key Highlights

  • ETH price made a nice upside move and broke the $495 resistance against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $498 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now placed nicely above the $500 level and the 100 hourly simple moving average.

Ethereum price climbed higher above key levels against the US Dollar and Bitcoin. ETH/USD may correct lower, but dips are likely to find buyers above $500.

Ethereum Price Support

Yesterday, there was a solid support base formed near $483-485 in ETH price against the US Dollar. The price started an upside move and traded above the $495 resistance level. It opened the doors for more gains and the price even jumped above the $500 handle and the 100 hourly simple moving average. Additionally, there was a break above the 61.8% Fib retracement level of the last decline from the $526 high to $481 low.

During the upside move, there was a break above a major bearish trend line with resistance at $498 on the hourly chart of ETH/USD. The pair was able to find bids above the $510 resistance and it traded close to the $526 swing high. At the moment, the price is consolidating gains below $526. An initial support is around the 38.2% Fib retracement level of the last wave from the $481 low to $526 high. However, the most important support is near the $504 level and the 100 hourly SMA. It also coincides with the 50% Fib retracement level of the last wave from the $481 low to $526 high.

Ethereum Price Analysis ETH USD

Looking at the chart, the price is trading with a positive bias above $504. On the upside, a break above $526 may perhaps push the price towards $540.

Hourly MACD – The MACD is moving in the bullish zone.

Hourly RSI – The RSI is correcting lower from the 70 level.

Major Support Level – $504

Major Resistance Level – $526

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