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HomeAltcoin NewsEthereum Price Analysis: ETH Eyeing More Upsides Above $450

Ethereum Price Analysis: ETH Eyeing More Upsides Above $450

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  • Ethereum price remained in a positive zone and climbed towards $450 against the US Dollar.
  • ETH price is currently consolidating gains above the $412 and $410 support levels.
  • There is a crucial bullish trend line forming with support near $402 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to climb further above the $450 resistance as long as it is above $400.

Ethereum price is currently following a nice uptrend above $400 against the US Dollar. ETH/USD might start another strong rally once it clears the $450 résistance.

Ethereum Price Analysis

In the past few days, Ethereum price followed a positive path above the $380 pivot level against the US Dollar. ETH price broke the main $400 resistance to move further into a positive zone.

There was also a close above the $400 level and the 55 simple moving average (4-hours). The bulls gained strength and the price rallied above the $420 and $430 levels. It traded to a new monthly high near $448 and it is currently correcting gains.

There was a break below the 23.6% Fib retracement level of the upward move from the $378 swing low to $448 high. However, there are many key supports forming near the $412 and $410 levels.

Moreover, there is a crucial bullish trend line forming with support near $402 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the upward move from the $378 swing low to $448 high. The 55 simple moving average (4-hours) is also positioned near the $410 level.

Therefore, the price is likely to find a strong buying interest if it dips towards the $412 and $410 support levels. The next major support is near the $402 and $400 levels, below which the price could decline sharply towards the $380 support zone.

Conversely, the price could start a fresh increase above the $435 and $440 levels. The first major hurdle is near the $450 level, above which the bulls are likely to aim another 5%-10% rally in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly following a nice uptrend above the $400 support level. Therefore, the price is likely to climb further above the $450 resistance as long as it is above $400.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently moving lower towards the 50 level.

Key Support Levels – $412, followed by the $400 zone.

Key Resistance Levels – $435 and $450.

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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