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

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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 MACDThe MACD for ETH/USD is slowly gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is rising and it is above the 50 level.

Major Support Level – $440

Major Resistance Level – $460

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