Ethereum Price Analysis: ETH/USD Approaching Support

Key Highlights

• ETH price traded higher recently and tested the $545 resistance zone against the US Dollar.
• There is a major bullish trend line in place with support at $510 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is currently moving lower and is approaching the $510 support and the 100 hourly simple moving average.

Ethereum price is holding gains against the US Dollar and Bitcoin. ETH/USD is currently correcting lower and is approaching a few key supports.

Ethereum Price Support

There was a decent upside move in ETH price above the $510 and $530 levels against the US Dollar. The price traded towards the $545 and $550 resistance levels where sellers appeared. A high was formed at $549.04 before the price started a downside correction. It declined below the 23.6% Fib retracement level of the last wave from the $484 low to $549 high. However, there are many supports on the downside above the $510 level.

An initial support is around the $515 and $516 levels. The 50% Fib retracement level of the last wave from the $484 low to $549 high is also near $516. More importantly, there is a major bullish trend line in place with support at $510 on the hourly chart of ETH/USD. An intermediate support is near the $512 level and the 100 hourly simple moving average. Therefore, there is a major support zone above the $510 level, which could hold declines in the near term. Below $510, the price may perhaps trade back towards the $490 level.

Looking at the chart, the price faced a strong resistance near $545. It may correct further, but there are high possibilities of $510 holding losses. On the upside, an initial resistance is at $540, followed by the $545 hurdle.

Hourly MACD – The MACD is currently in the bearish zone.

Hourly RSI – The RSI is moving lower and is currently below the 50 level.

Major Support Level – $510

Major Resistance Level – $545

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