Ethereum Price Analysis: ETH/USD Faces Tough Challenge
technical analysis

Ethereum Price Analysis: ETH/USD Faces Tough Challenge

THELOGICALINDIAN - Key Highlights

Ethereum amount continued declines adjoin the US Dollar and Bitcoin. ETH/USD may actual higher, but it is adverse boxy challenges abreast the $490 level.

Ethereum Price Resistance

Yesterday, there was a nasty downside move in ETH amount beneath the $500 akin adjoin the US Dollar. The amount beneath beneath the $480, $460 and $450 abutment levels. A low was formed at $446 afore buyers appeared. At the moment, the amount is acclimation college and it has confused aloft the $460 level. There was additionally a breach aloft the 23.6% fib retracement akin of the aftermost abatement from the $545 aerial to $446 low.

However, the amount is adverse a lot of challenges on the upside abreast the $490 and $500 levels. There is additionally a crumbling approach in abode with attrition abreast the $480 akin on the alternate blueprint of ETH/USD. Aloft the approach resistance, the abutting hurdle for buyers is abreast the $496 level. It represents the 50% fib retracement akin of the last decline from the $545 aerial to $446 low. A breach aloft the $496 attrition is bare for buyers to accretion ascendancy and advance the amount aloft the $500 handle.

Ethereum Price Analysis ETH USD

Looking at the chart, the amount may actual college aloft the $480 akin in the abbreviate term. However, the $490-495 attrition area may comedy a acute role in the abutting move in ETH. On the downside, supports are apparent abreast the $465 and $460 levels.

Hourly MACD – The MACD is assuming signs of accretion in the bullish zone.

Hourly RSI – The RSI is affective college and is currently placed abreast the 40 level.

Major Support Level – $460

Major Resistance Level – $495