Ethereum struggles lower than the $485 level rallying closer to the $495 level but failing to test the $500 level against the US dollar. The ETH price is now correcting gains and is showing bearish signs below the $485 level so let’s read more in today’s ethereum news.
Ethereum started correcting lower and trading below the $485 pivotal level with the price remaining steady at the $470 support level with the 100 hourly simple moving average. There’s also a major bullish trend line at the $474 price range on the hourly charts of the pair and ETH/USD could also drop sharply if there’s a clear break above the $474 level in the near-term. Ethereum rallied above the $480 and the $485 resistance levels but failed to test the $500 zone and even formed a high near the $495 level all while settling well above the 100 hourly simple moving average. There was also a sharp downside correction below $485 so the price even broke the $480 support. However, the bulls were able to protect the $470 support and the 100 hourly simple moving average.
Recently, a new low was formed near the $470 level and the high was at $482 so the price started declining and trading at $480. ETH is now testing the support or the 50% fib retracement level from the wave at $470 low to $482 high with the next major support nearing the $474 level. There’s also a major bullish trend line forming at this level as well on the hourly charts of the pair. The trend line coincided with the 61% fib retracement level from the recent simple moving average but there’s also a break below this trend line at $470. The price could now drop sharply towards $455.
As Ethereum struggles lower, there’s a chance for the asset to stay above the trend line support of $470 and attempt a new increase. The initial resistance on the upside is close to the $482 high with the first resistance being set at $485. The break above the $485 pivot zone will open the doors for another increase towards the $495 high or even $500. The hourly MACD for the pair is now losing momentum in the bullish zone while the hourly RSI for the pair Is well below 50.