The price of Ethereum reports an increase of 3.82% which positions the price above $ 533.
- The price of ETH fell sharply and was even traded below the $ 500 level before being corrected higher against the US dollar.
- There is an important bearish trend line that is formed with resistance at $ 550 on the ETH / USD time chart.
- The pair is struggling to move above the resistance area of $ 540-550, which is a bearish sign in the short term.
- The Ethereum price was recently reduced against the US dollar and Bitcoin. ETH / USD has to move above the resistance of $ 550 to start a decent recovery.
Analysis of the Ethereum price
The last few days were mostly bearish in the ETH price as it fell below $ 500 against the US dollar. The price fell and even broke the support area of $ 460. However, it managed to stay above the $ 450 level and began an upward correction. A minimum was formed at $ 453 from where it was corrected upwards. Buyers managed to push the price above the 38.2% Fibonacci retracement level of the last decline, from the low of $ 608 to the low of $ 453.
The upward movement was positive, as the price also moved above the $ 500 level. However, the current wave was protected by an important bearish trend line with a current resistance of $ 550 on the ETH / time chart. USD. The pair also failed to pass the Fibonacci retracement level of 61.8% of the last decline, from the minimum of $ 608 to the minimum of $ 453. It seems that the price faces a significant sales wall near the area of $ 550 -560. Therefore, a successful closing above the $ 550 level is needed for buyers to further increase the price.
In addition, the $ 570 level is close to the simple 100-hour moving average, which is the next hurdle. On the downside, there is decent support at $ 500. Below $ 50, the price can retest the $ 450 area in the short term.
- MACD per hour: the MACD is now back in the bullish zone.
- RSI per hour: the RSI is currently well above level 50.
- Main support level: $ 500
- Highest resistance level – $ 550