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.
<img alt="Ethereum pricw" class="alignnone size-full wp-image-449338" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px" data-src="https://www.cointelegraph.com.au/wp-content/uploads/2020/11/Ethereum-8-19.png" data-srcset="https://www.cointelegraph.com.au/wp-content/uploads/2020/11/Ethereum-8-19.png 1828w, https://www.newsbtc.com/wp-content/uploads/2020/11/Ethereum-8-460×218.png 460w, https://www.newsbtc.com/wp-content/uploads/2020/11/Ethereum-8-860×408.png