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lunedì 9 novembre 2020

Ethereum Lacks Momentum, Showing Early Signs of a Minor Drop

 Ethereum climbed higher nicely from the $425 support zone against the US Dollar. ETH price is struggling to clear the $460 resistance and it could revisit $420 in the near term.

  • Ethereum is showing a few bearish signs below the key $460 resistance level.
  • The price is trading above the $440 support and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with support near $450 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline towards $420 if it fails to stay above $440 and the 100 hourly SMA.

Ethereum Price is Facing Hurdles

After a sharp downside correction, Ethereum found support near the $425 level. ETH price formed a base above $425 and started a fresh increase above the $435 resistance.

Ether gained pace above the $440 resistance and the 100 hourly simple moving average. There was also a break above the $450 resistance, but the price faced a major barrier near the $460 level. A high is formed near $461 and the price is currently declining.

There was a break below the $454 level, plus the price traded below the 23.6% Fib retracement level of the recent wave from the $425 low to $461 high.

Ethereum Price

Source: ETHUSD on TradingView.com

It seems like there is a major contracting triangle forming with support near $450 on the hourly chart of ETH/USD. If ether price breaks the triangle support, it could test the $442 support. It is close to the 50% Fib retracement level of the recent wave from the $425 low to $461 high.


The next major support is near the $440 level and the 100 hourly simple moving average, below which there is a risk of a sharp decline towards $425 or even $420 in the coming sessions.

Upsides Capped in ETH?

On the upside, an initial hurdle for Ethereum is near the triangle resistance at $458. The main resistance is near the $460 level, above which the bulls are likely to gain strength.

A successful break above the $460 resistance is likely to open the doors for a move towards the $470 zone. The next major resistance is near the $480 level.


Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is sliding and approaching the 50 level.

Major Support Level – $440

Major Resistance Level – $460

Aayush Jindal by Aayush Jindal

https://www.newsbtc.com/

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