Our Ether corrected lower below $440, but it prevailed to be steady above $435 versus the US Dollar. ETH is expected to drive if it clears the $460 resistance zone.
- Ethereum is supporting the ground beyond the $440 and $435 support levels.
- Ether is hinting at positive flags above the $440 support and the 100 hourly simple moving average.
- There is a key linking bullish trend line forming with support near $440 on the hourly chart of ETH/USD (data feed via Kraken).
- The dynamic duo could steadily increase towards $460 or $475 as long as it is above the trend line support.
Ethereum is indicating Good Signs
Following yet another top near the $460 resistance, Ethereum started a downside correction. ETH price traded below the $450 support level. It even spiked below the $440 support, but the bulls managed to protect the $435 zone.
A swing low is created near $435, and the price is currently rising. There was a break above the $440 and $442 levels. Ether price even climbed above the 50% Fib reversal level of the recent decline from the $459 swing high to $435 swing low.
There is a pivot connecting bullish trend line forming with support near $440 on the hourly chart of ETH/USD. Ethereum is now experiencing some hurdles near the $450 level, but it is well above the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
The 61.8% Fib reversal level of the recent decline from the $459 swing high to the $435 swing low also results in a hurdle. A clear break above the $450 resistance could easily take the price towards the $460 resistance. Any further gains might call for a move towards the $470 and $475 levels.
Ether Restricted To Downsides?
On the downside, the trend line support at $440 and the 100 hourly SMA are important supports for the bulls. If they fail to keep the ethereum above the 100 hourly SMA, there is a risk of more losses below the $435 low.
The next principal support is near the $425 zone. Any additional losses may open the doors for a drop towards the main $400 support level in the near term.
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is rising above the 50 levels.
Major Support Level – $440
Major Resistance Level – $460