Ethereum Price Analysis: ETH/USD’s Recovery Capped Near $412-428

Key Highlights

  • ETH price is holding the $400-402 support area and is currently consolidating against the US Dollar.
  • There is a crucial bearish trend line in place with resistance at $412 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is facing many resistances on the upside near $412, $416 and $428 for more recoveries.

Ethereum price remains in a downtrend against the US Dollar and bitcoin. ETH/USD must clear the $412 and $728 resistances to gain traction in the near term.

Ethereum Price Upside Hurdles

There were heavy losses below $440 this past week in ETH price against the US Dollar. The ETH/USD pair traded below $400, but it later recovered and started consolidating in a range. It seems like the price is forming a decent support near the $400-402 zone. It recently traded above the 50% Fib retracement level of the recent slide from the $420 high to $399 low.

However, the price is currently facing a major resistance near $412 and the 100 hourly simple moving average. There is also a crucial bearish trend line in place with resistance at $412 on the hourly chart of ETH/USD. Moreover, the 61.8% Fib retracement level of the recent slide from the $420 high to $399 low is also near $412. Therefore, a break and close above $412 is needed for more gains in the near term. Above this, the next important hurdle for a larger recovery is around the $428 level. It represents a significant pivot level and a barrier for a push towards the $440 level.

Looking at the chart, ETH price is currently attempting a recovery above $410, but it facing many hurdles near the $412, $416 and $428 levels. On the downside, the $402 and $400 levels are important supports.

Hourly MACD – The MACD is slowly moving in the bullish zone.

Hourly RSI – The RSI is currently positioned nicely above the 50 level with positive signs.

Major Support Level – $402

Major Resistance Level – $428

Author: Aayush Jindal

Source link

Related posts

8 Thoughts to “Ethereum Price Analysis: ETH/USD’s Recovery Capped Near $412-428”

  1. Football Solutions Women's World Cup - Manuela Kravoscanec

    Newcastle manager Alan Pardew says he is shocked that Chelsea have sacked manager Roberto Di Matteo just months after the club’s greatest night. ‘Unbelievable’, blasts Pardew as Abramovich comes in for heavy criticism over Di Matteo sacking

  2. futbol.run Vato Arveladze

    Rangers lodged the paperwork needed to become accepted as an SFA member, but further rebellion among SFL clubs appeared to push them ever closer to a place in the Third Division. Rangers facing a second tier blow as place in Third Division edges closer

  3. dmt

    … [Trackback]

    […] Read More Information here on that Topic: tradingbtc.com/2018/08/06/ethereum-price-analysis-eth-usds-recovery-capped-near-412-428/ […]

  4. solitaire card games free

    … [Trackback]

    […] Read More Info here on that Topic: tradingbtc.com/2018/08/06/ethereum-price-analysis-eth-usds-recovery-capped-near-412-428/ […]

  5. DevOps service offerings

    … [Trackback]

    […] Find More on on that Topic: tradingbtc.com/2018/08/06/ethereum-price-analysis-eth-usds-recovery-capped-near-412-428/ […]

  6. เงินด่วนออนไลน์โอนเข้าบัญชี

    … [Trackback]

    […] Info on that Topic: tradingbtc.com/2018/08/06/ethereum-price-analysis-eth-usds-recovery-capped-near-412-428/ […]

  7. เงินด่วน ออนไลน์ โอนเข้าบัญชี

    … [Trackback]

    […] Read More on on that Topic: tradingbtc.com/2018/08/06/ethereum-price-analysis-eth-usds-recovery-capped-near-412-428/ […]

  8. Firearms For sale online

    … [Trackback]

    […] Here you can find 55527 additional Info on that Topic: tradingbtc.com/2018/08/06/ethereum-price-analysis-eth-usds-recovery-capped-near-412-428/ […]

Leave a Comment