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HomeAltcoin NewsEthereum Price Analysis: ETH Could Accelerate Above $470

Ethereum Price Analysis: ETH Could Accelerate Above $470

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  • Ethereum price is holding gains above the $450 and $440 support levels against the US Dollar.
  • ETH price is currently trading well above $450 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $452 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to accelerate higher once there is a clear break above $470 and $472.

Ethereum price is trading in a positive zone above $450 against the US Dollar. ETH/USD could accelerate higher once again as long as it is above $440.

Ethereum Price Analysis

After a strong rally towards the $480 level, Ethereum price started a downside correction against the US Dollar. ETH price broke the $460 support level and it even spiked below the 55 simple moving average (4-hours).

The price dived below the $450 level, but the bulls were able to protect $440-$441. A swing low was formed near $441 and the price is currently climbing higher. There was a break above the $450 resistance and 55 simple moving average (4-hours).

The price was able to move back above the 50% Fib retracement level of the downside correction from the $479 swing high to $441 swing low. There is also a major bullish trend line forming with support near $452 on the 4-hours chart.

On the upside, there is a key hurdle forming near the $470 level. It is close to the 76.4% Fib retracement level of the downside correction from the $479 swing high to $441 swing low.

A successful break above the $470 resistance level could start a fresh rally towards the $480 level. The next major resistance is near $488, above which the bulls might aim a test of the $500 barrier in the coming sessions.

Conversely, the price might fail to clear the $470 resistance. An initial support on the downside is near the $452 and $450 levels. If there is a downside break below the trend line support, the price could continue to move down.

The next major support is near the $440 zone. Any further losses could open the doors for a larger decline towards the $425 and $420 support levels in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a positive zone above the $450 support. Overall, ether is likely to accelerate higher once there is a clear break above $470 and $472.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.

Key Support Levels – $450, followed by the $440 zone.

Key Resistance Levels – $470 and $480.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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