Key Highlights
- ETH price recovered after a nasty downside move toward the $475 level against the US Dollar.
- A major bullish trend line with support at $600 is acting as a key buy zone on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might fail to move above $715 in the near term, but also remains supported at $560.
Ethereum price is slightly under pressure against the US Dollar and Bitcoin. ETH/USD is currently below $715 and is struggling to gain traction.
Ethereum Price Support
The past couple of days were very choppy for ETH price as it tumbled below the $550 pivot against the US Dollar. The price made a sharp downside move and traded below the $700 and $620 support levels. Moreover, the price also broke the $550 pivot and even traded below the $500 level. During the downside move, there was a break below a bullish trend line with support at $760 on the 4-hours chart.
The downside move was stalled near the $475 level and another bullish trend line on the same chart. The current trend line support is at $600 is a major buy zone. The pair has moved above the 50% Fib retracement level of the last decline from the $864.53 high to $475.28 low. However, it seems like the pair is struggling to break the $715 level. Moreover, the 61.8% Fib retracement level of the last decline from the $864.53 high to $475.28 low is also acting as a major resistance.
On the positive side, the price is above the 100 simple moving average and the $600 support. As long as the price is above $600, it might attempt an upside move. If buyers fail to hold the $600 level, there can be more downsides.
4-hours MACD – The MACD is currently in the bearish zone with negative signs.
4-hours RSI – The RSI is currently moving down and is below the 50 level.
Major Support Level – $600
Major Resistance Level – $715
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
