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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

TA: Ethereum Lacks Momentum Above $470: Why Bulls Are Comfortable

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read

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Created by industry experts and meticulously reviewed
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Ethereum found support near the $440 level and settled above $450 against the US Dollar. ETH price is likely to gain momentum if there is a proper close above $470.

  • Ethereum is showing a few positive signs above the $450 and $452 support levels.
  • The price is testing the $470 resistance and it is above the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $452 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate higher if there is a clear break and close above $470.

Ethereum Price is Attempting Upside Break

Ethereum recovered from the $440 support level and it climbed back above $450. ETH price is now forming a support base near the $450 level and the 100 hourly simple moving average.

The recent increase gained pace after there was a break above a major bearish trend line with resistance near $452 on the hourly chart of ETH/USD. Ether price even broke the 50% Fib retracement level of the downward move from the $478 high to $440 low.

It opened the doors for more gains above $465, but the price seems to be facing a strong resistance near the $470 level. The 76.4% Fib retracement level of the downward move from the $478 high to $440 low is also acting as a resistance.

Ethereum Price

To start a strong rally, ether must break the $470 barrier. A successful close above the $470 resistance is likely to open the doors for a fresh high above $478 (similar to bitcoin). In the stated case, there are chances of a steady rise towards the $500 barrier. An intermediate resistance could be near the $495 level.

Downsides Limited in ETH?

If there is no upside break above the $468 and $470 resistance levels, ethereum might correct a few points. An initial support is near the $460 level.

The main support is now forming near the $458 level and the 100 hourly simple moving average.  Any more losses could trigger a larger decline below the $450 support level in the near term. The next key support for the bulls is near the $440 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level.

Major Support Level – $458

Major Resistance Level – $470

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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Created by industry experts and meticulously reviewed
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