Ethereum traded above the $450 resistance, but it is struggle near $480 against the US Dollar. ETH price is correcting gains, but it is likely to find strong bids near $440.
- ETH price traded to a new multi-month high near $478 against the US Dollar.
- The price is currently correcting lower below $465, but it is well above the 100 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $460 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is continue lower, but there is a major support waiting near the $440 and $435 levels.
Ethereum Price is Correcting Gains
This past week, bitcoin and ethereum performed really well above $16,000 and $450 respectively against the US Dollar. ETH price even broke the $465 resistance and settled well above the 100 simple moving average (4-hours).
It traded to a new multi-month high near $478 and recently started a downside correction. There was a break below the 23.6% Fib retracement level of the upward wave from the $425 swing low to $478 high. Moreover, there was a break below a key bullish trend line with support near $460 on the 4-hours chart of ETH/USD.
