The next key resistance is close to the $480 mark, above which ETH price could test the$500 level. If there is no break beyond the $470 resistance, ETH could begin to decline correctively, with the first support close to the $460 mark.
Major Signals
- The analysis shows that Ethereum is still bullish
- ETH is gradually consolidating above the $450 and $460 mark
- ETH could pump if it breaks $470 resistance
- New support is forming around the $454
Based on the hourly ETH/USD chart, a significant upward trend line is forming with support close to the $455 mark and could move higher if it closes beyond the $470 resistance.
ETH price reached a high of about $468, and the price is presently consolidating. However, it appears to be finding it hard to break the $468 and $470 mark.
ETH price might experience a rapid increase If the price successfully breaks beyond the $468 and $470 resistance. Significant support is now forming around the $455 and $454 mark, and the 100 hourly SMA is also close to the $454 level. Further losses might lead to a more massive dip to the $435 and $432 support.
What do you think about the price of ETH at the moment? Let’s discuss this in the comment section.
