Ethereum Price Analysis: ETH Could Accelerate Above $470November 17, 2020
Ethereum price is trading in a positive zone above $450 against the US Dollar. ETH/USD could accelerate higher once again as long as it is above $440.
Ethereum Price Analysis
After a strong rally towards the $480 level, Ethereum price started a downside correction against the US Dollar. ETH price broke the $460 support level and it even spiked below the 55 simple moving average (4-hours).
The price dived below the $450 level, but the bulls were able to protect $440-$441. A swing low was formed near $441 and the price is currently climbing higher. There was a break above the $450 resistance and 55 simple moving average (4-hours).
The price was able to move back above the 50% Fib retracement level of the downside correction from the $479 swing high to $441 swing low. There is also a major bullish trend line forming with support near $452 on the 4-hours chart.
On the upside, there is a key hurdle forming near the $470 level. It is close to the 76.4% Fib retracement level of the downside correction from the $479 swing high to $441 swing low.
A successful break above the $470 resistance level could start a fresh rally towards the $480 level. The next major resistance is near $488, above which the bulls might aim a test of the $500 barrier in the coming sessions.
Conversely, the price might fail to clear the $470 resistance. An initial support on the downside is near the $452 and $450 levels. If there is a downside break below the trend line support, the price could continue to move down.
The next major support is near the $440 zone. Any further losses could open the doors for a larger decline towards the $425 and $420 support levels in the near term.
Looking at the chart, Ethereum price is clearly trading in a positive zone above the $450 support. Overall, ether is likely to accelerate higher once there is a clear break above $470 and $472.
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $450, followed by the $440 zone.
Key Resistance Levels – $470 and $480.
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