Ethereum holds key support, what can trigger a new rebound

The exchange rate of Ethereum against the US dollar is facing resistance near US$4,600. ETH must remain above US$4,450 to start a steady rise in the short term.

  • Ethereum is consolidating above the key $4,450 support area.
  • The price is now trading above $4,500 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (through data provided by Kraken), a major bearish trend line is formed, and the resistance is near 4,600 USD.
  • As long as it is above US$4,450 and the 100-hour moving average, the currency pair may start a new rebound.

Ethereum price tries a new increase

Ethereum fell below the USD 4,500 support level, but the bulls defended the USD 4,450 area. ETH seems to have formed a foundation above the $4,450 support level and is slowly rising.

Broke through the $4,500 level, 100 hour simple moving averageThe price cleared the 23.6% Fibonacci retracement of the recent decline, falling from a swing high of $4,780 to a low of $4,455. It is now consolidating above US$4,520.

The initial resistance for the upside is near the $4,600 level. On the hourly chart of ETH/USD, there is also a major bearish trend line formed, with resistance near the $4,600 level.

The first major resistance is near $4,620. It is close to the 50% Fibonacci retracement level of the recent swing from a high of $4,780 to a low of $4,455.Significantly higher than the US$4,600 and US$4,620 levels May cause prices to rise further.

Source: ETHUSD on TradingView.com

The next major resistance is near the $4,705 level. In the short term, any further increase may push the price to the $4,800 resistance zone.

ETH new drop?

If Ethereum fails to start a new rise above $4,620, it may fall again. The initial support for the downside is around 4,500 USD.

The first key support level is now formed near $4,450. Breaking below the $4,450 support zone and recent lows may trigger a sharp decline. Under the above circumstances, the price may fall to the level of US$4,320. The next major breakdown of support is $4,250, below which the price may fall to $4,000.

Technical index

MACD per hour —— The MACD of ETH/USD is accelerating in the bullish zone.

Hourly RSI —— The RSI for ETH/USD is now well above the 50 level.

Main support level – 4,450 USD

Main resistance level – 4,620 USD

Source link

Leave a Reply

Your email address will not be published.