The price broke a significant downward trend line with resistance close to $452 on the ETH/USD hourly chart. The ETH price against the dollar could rise rapidly if it breaks and closes above the $470 level. ETH moves progressed beyond the $440 support mark and increased beyond $450, and new support is being formed close to the $450 level.
Major Signals
- ETH is showing some prospects beyond the $450 and $452 support range.
- ETH/USD could accelerate above the $470 level.
- A downward correction may occur if ETH fails to break major resistance.
The price of Ethereum broke the 50% Fibonacci retracement level of the bearish movement from $478 to $440. This creates an opportunity for more increase beyond the $465 level. However, a strong resistance close to the $470 mark seems to be preventing the price from moving further.
The 76.4% Fibonacci retracement level of the bearish movement from $478 to $440 is also working as a barrier.
For the price to rise at a good pace, ETH must go beyond the $470 resistance. A proper close beyond this level could set the pace for a new high beyond $478, which could gradually move towards the $500 level.
If the price fails to break the $468 and $470 barrier, ETH will likely form a correction towards initial support close to the $460 mark. However, the primary support is now developing close to the $458 level.
What do you think about the current price of ETH? Let’s discuss this in the comment section.
