TA: Ethereum Holds Strong at $440, Why The Bulls Remain In Driver’s Seat

Ethereum corrected lower below $440, but it remained stable above $435 against the US Dollar. ETH price is likely to gain momentum if it clears the $460 resistance zone. Ethereum is holding the ground above the $440 and $435 support levels. The price is showing positive signs above the $440 support and the 100 hourly […]

TA: Ethereum Holds Strong at $440, Why The Bulls Remain In Driver’s Seat

Ethereum corrected lower below $440, but it remained stable above $435 against the US Dollar. ETH price is likely to gain momentum if it clears the $460 resistance zone. Ethereum is holding the ground above the $440 and $435 support levels. The price is showing positive signs above the $440 support and the 100 hourly simple moving average. There is a key connecting bullish trend line forming with support near $440 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rise steadily towards $460 or $475 as long as it is above the trend line support. Ethereum Price is Showing Positive Signs After forming yet another top near the $460 resistance, Ethereum started a downside correction. ETH price traded below the $450 support level. It even spiked below the $440 support, but the bulls managed to protect the $435 zone. A swing low is formed near $435 and the price is currently rising. There was a break above the $440 and $442 levels. Ether price even climbed above the 50% Fib retracement level of the recent decline from the $459 swing high to $435 swing low. Moreover, there is a key connecting bullish trend line forming with support near $440 on the hourly chart of ETH/USD. Ethereum price is now facing hurdles near the $450 level, but it is well above the 100 hourly simple moving average. Source: ETHUSD on TradingView.com The 61.8% Fib retracement level of the recent decline from the $459 swing high to $435 swing low is also acting as a hurdle. A clear break above the $450 resistance could easily take the price towards the $460 resistance. Any further gains might call for a move towards the $470 and $475 levels. Downsides Limited in ETH? On the downside, the trend line support at $440 and the 100 hourly SMA are important supports for the bulls. If they fail to keep ethereum price above the 100 hourly SMA, there is a risk of more losses below the $435 low. The next major support is near the $425 zone. Any further losses may perhaps open the gates for a drop towards the main $400 support level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is rising and it is above the 50 level. Major Support Level – $440 Major Resistance Level – $460