Ethereum found support near the $440 level and settled above $450 against the US Dollar. ETH price is likely to gain momentum if there is a proper close above $470.
- Ethereum is showing a few positive signs above the $450 and $452 support levels.
- The price is testing the $470 resistance and it is above the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $452 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate higher if there is a clear break and close above $470.
Ethereum Price is Attempting Upside Break
Ethereum recovered from the $440 support level and it climbed back above $450. ETH price is now forming a support base near the $450 level and the 100 hourly simple moving average.
The recent increase gained pace after there was a break above a major bearish trend line with resistance near $452 on the hourly chart of ETH/USD. Ether price even broke the 50% Fib retracement level of the downward move from the $478 high to $440 low.
It opened the doors for more gains above $465, but the price seems to be facing a strong resistance near the $470 level. The 76.4% Fib retracement level of the downward move from the $478 high to $440 low is also acting as a resistance.
<img alt="Ethereum Price" class="alignnone size-full wp-image-449990" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px" data-src="https://www.cointelegraph.com.au/wp-content/uploads/2020/11/Ethereum-14-10.png" data-srcset="https://www.cointelegraph.com.au/wp-content/uploads/2020/11/Ethereum-14-10.png 1828w, https://www.newsbtc.com/wp-content/uploads/2020/11/Ethereum-14-460×218.png 460w, https://www.newsbtc.com/wp-content/uploads/2020/11/Ethereum-14-860×408.png 860w, https://www.newsbtc.com/wp-content/uploads/2020/11/Ethereum-14-768×365.png