Ethereum Price Weekly Analysis: ETH/USD Could Revisit $422
- ETH price struggled to hold gains above $510 and declined sharply against the US Dollar.
- Recently, there was a break above a bearish trend line with resistance at $457 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair has to close above $477 and the 100 simple moving average to move back in a bullish zone.
Ethereum Price Resistances
This past week, there was a solid upside move above the $500 level in ETH price against the US Dollar. The ETH/USD pair traded above the $510 level, but it failed to hold gains. As a result, there was a bearish reaction and the price declined below the $500 and $485 support levels. The price even declined below the $460 support and the 100 simple moving average (4-hours).
It traded close to the $435 level and a low was formed near $439. Later, the price started an upside move and broke the $450.00 resistance. There was also a break above the 23.6% fib retracement level of the last drop from the $517 swing high to $439 low. Moreover, there was a break above a bearish trend line with resistance at $457 on the 4-hours chart of ETH/USD. However, the price struggled to move above the $465 level and the 100 SMA. Above the 100 SMA, the next resistance is near $477 and the 50% fib retracement level of the last drop from the $517 swing high to $439 low.
The above chart indicates that the price needs to gain momentum above $475 and $477 levels to move back in a bullish zone. If it fails to break the $477 resistance, it could decline sharply back towards the $435 and $422 support levels.
4-hours MACD – The MACD is mostly flat in the bearish zone.
4-hours RSI – The RSI is currently neutral around the 50 level.
Major Support Level – $435
Major Resistance Level – $477