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Ethereum Lacks Momentum To Surpass $470: Price Analysis

11/18/2020

Ethereum lacks momentum in order to surpass the $470 price range as it found support near the $440 level and settled above $450. The price will gain momentum if there’s a proper close above this price range so let’s read more in our ethereum price news.

Ethereum is showing a lot of positive signs above the $450 and the $452 support levels as the price testing the $470 resistance with the 100 hourly simple moving average. There was a break above the bearish trend line with resistance close to the $452 on the hourly charts of the pair which could speed up higher if there’s a clear break and close above $470. Ethereum recovered from the $440 support level and climbed back above the $450 level with the price forming a support base near the $450 level and the 100 hourly simple moving average.

eth chart
ETH Chart Source: Tradingview

The price increased gained some pace after the break above the major bearish trend line with the resistance close to the $452 on the hourly chart of ETH/USD pair. ETH price broke the 50% fib retracement level from the downward movement at the $478 high to $440 low, as per the price analysis. The pair opened the doors for more gains above the $465 level but the price seems to be facing more resistance close to the $470 level. The 76% fib retracement level from the downward move at $478 high to $440 low acts as a resistance.

flood
Image Courtesy of Flood. Source ETHUSD on TradingView.

In order to start a rally, ETH has to break the $470 barrier with a break above the $470 level that acts as a resistance that will open the doors for more highs above $478. In the said case, there are more chances of an increase towards $500 barrier with the intermediate resistance that could be close to the $495 level. Ethereum lacks momentum and if there’s no upside break above the $468 and the $470 resistance level that ETH will correct a few points. The initial support is near the $460 level.

The main support is forming close to the $458 level and 100 hourly simple moving average with more losses that could spike a bigger drop below the $450 support level in the near-term. The next key support for the bulls is close to the $440 level. The hourly MACD for the pair is losing momentum in the bullish zone while the hourly RSI for the pair is well above 50 levels.