Key Highlights
- ETH price surged higher and moved above the $480 resistance zone against the US Dollar.
- There is a new key bullish trend line forming with support at $460 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair remains in a nice uptrend and it may continue to trade higher towards the $575 level.
Ethereum price is gaining upside momentum versus the US Dollar and Bitcoin. ETH/USD is placed nicely above $480-485 and is eyeing more upsides.
Ethereum Price Support
There was an important reversal signal formed from the $388 pivot in ETH price against the US Dollar. The price started an upside move and broke a few key barriers such as $450 and $480. It even moved above the $500 level and traded as high as $530.62. It is now trading well above the $480 pivot level and the 100 simple moving average (4-hours), which is a positive sign.
Recently, the price corrected lower and traded below the 23.6% Fib retracement level of the last wave from the $418.50 low to $530.62 high. However, the downside move was limited by the $480-485 support zone. Moreover, the 38.2% Fib retracement level of the last wave from the $418.50 low to $530.62 high also acted as a support. On the downside, there is also a new key bullish trend line forming with support at $460 on the 4-hours chart of ETH/USD. Therefore, the pair is well supported above the $460 level and the 100 simple moving average (4-hours).
The above chart suggests that as long as the price is above $460, it remains in an uptrend. On the upside, the price must break the recent high at $530 to start a fresh upside wave. The next hurdles on the upside above $530 is close to the $575 level.
4-hours MACD – The MACD is currently showing positive signs.
4-hours RSI – The RSI is currently well above the 60 level.
Major Support Level – $460
Major Resistance Level – $530
