Ethereum Trades Above $450 Resistance, Remains Attractive To The Bulls

Ethereum trades above the $450 resistance level but it struggled near the $480 against the US dollar, with the price still correcting gains but it aims to find strong resistance close to the $440 price range so let’s read more in today’s Ethereum news.

The ETH price traded to the new multi-month high close to the $478 price level against the US dollar. The price is correcting lower than the $465 level but it is well above the 100 simple moving average. There was also a break below the bullish trend line with a support level forming near the $460 on the 4-hour charts of the pair. The ETH/USD pair went lower later but there’s also a major support level that is set between $440 and the $435 level.

Over the past week, both Bitcoin and Ethereum had a great performance well above the $16,000 and the $450 price range against the US dollar. Ethereum’s price even surpassed the $465 resistance and settled well above the 100 simple moving average after it ended trading to a new multi-month high near the $478 and then even started a downside correction. The price achieved a break below the 23.6% Fib retracement level from the upward movement at the 5 swing low to 8 high.
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What’s more, there was another break below the key bullish trend line with the support of the $460 level on the 4-hour charts of the pair.

Now, Ethereum trades above the $450 resistance and is holding the $455 support zone with a 50% retracement level from the upward wave at $425 swing low to $478 high. If the asset finds another downside break below the $451 and $450 support levels as the price could find more support lower. The next major support is close to the $440 level since it is getting closer to the 100 simple moving average so further losses could lead to the price hitting the $425 swing low.

If ethereum manages to stay above the $450 support zone or the 100 SMA, there’s a strong chance of fresh increase with initial resistance on the upside nearing the $465 level. The first main resistance level is set at $470 above which the price could aim a break above $478 high. The price could speed up higher towards the $495 and the $500 resistance levels in the near-term. The technical indicators show that the 4-hour MACD for the pair is losing momentum in the bullish zone. The 4-hour RSI for the pair is below the 50 levels while the major support level is set at $450.