Ethereum price is gaining bullish momentum above $440 against the US Dollar. It seems like ETH/USD is aiming a larger rally above the $450 resistance in the near term.
Ethereum Price Analysis
After forming a support base above $400, Ethereum price started a fresh increase against the US Dollar. ETH price broke a few key hurdles near the $420 level to move into a positive zone.
To start the current upward move, there was a break above a major bearish trend line with resistance near $394 on the 4-hours chart. During the rise, the pair broke a couple of bullish patterns to surge above the $430 resistance level.
It is currently trading with a positive angle above $440 and the 55 simple moving average (4-hours). The recent high was near $444 and it seems like the bulls are aiming more upsides above $450.
If there is a downside correction, the price might find bids near the $438 level. It is close to the 23.6% Fib retracement level of the recent increase from the $418 low to $444 high. The next major support is near the $430 level (the recent breakout zone).
The 50% Fib retracement level of the recent increase from the $418 low to $444 high is also near the $430 level to provide support. A larger decline below the $430 support could lead ether price towards the $415 support level in the near term.
On the upside, the price is facing hurdles near $448 and $450. A successful break above the $450 resistance zone could open the doors for a larger rally. The next key hurdles for the bulls are near $462 and $465.
Looking at the chart, Ethereum price is clearly climbing higher and trading nicely above the $440 level. Overall, the price is likely to accelerate higher above the $448 and $450 levels as long as it is above $430.
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently well above the 50 level.
Key Support Levels – $438, followed by the $430 zone.
Key Resistance Levels – $450 and $465.
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