Ethereum Price Analysis: ETH/USD Consolidating Above $400


Key Highlights

  • ETH price remained in a tight range above the $400 support level against the US Dollar.
  • Yesterday’s highlighted important bearish trend line is intact with resistance at $410 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair has to move past $410 and the 100 hourly simple moving average to gain upside momentum.

Ethereum price currently consolidating against the US Dollar and bitcoin. ETH/USD is stable above $400, but it is facing many barriers near the $410 level.

Ethereum Price Resistance

There was no major move above the $415 level in ETH price against the US Dollar. The ETH/USD pair traded in a tight range above the $400 level with a few positive moves. Yesterday, there was a minor upside move above the $405 level. However, the upside move faced sellers near the $410-412 area and the 100 hourly simple moving average. The price declined once again, but the $400 level acted as a support.

At the moment, the price is trading above the $400 level with an immediate resistance at $407. It represents the 50% Fib retracement level of the last drop from the $413 high to $400 low. More importantly, yesterday’s highlighted important bearish trend line is intact with resistance at $410 on the hourly chart of ETH/USD. The bearish trend line at $410 is close to the 100 hourly SMA. Moreover, the 76.4% Fib retracement level of the last drop from the $413 high to $400 low is also near $710. Therefore, a break above the $410 level and the 100 hourly SMA is needed for more gains in the near term.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is still trading in a range above $400. It may possibly make the next move above $410 if buyers continue to defend $400.

Hourly MACD – The MACD is currently in the bearish zone.

Hourly RSI – The RSI is struggling to move past the 50 level and is currently at 45.

Major Support Level – $400

Major Resistance Level – $410

The post Ethereum Price Analysis: ETH/USD Consolidating Above $400 appeared first on NewsBTC.

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