Ethereum climbed higher nicely from the $425 support zone against the US Dollar. ETH price is struggling to clear the $460 resistance and it could revisit $420 in the near term.
- Ethereum is showing a few bearish signs below the key $460 resistance level.
- The price is trading above the $440 support and the 100 hourly simple moving average.
- There is a major contracting triangle forming with support near $450 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline towards $420 if it fails to stay above $440 and the 100 hourly SMA.
Ethereum Price is Facing Hurdles
After a sharp downside correction, Ethereum found support near the $425 level. ETH price formed a base above $425 and started a fresh increase above the $435 resistance.
Ether gained pace above the $440 resistance and the 100 hourly simple moving average. There was also a break above the $450 resistance, but the price faced a major barrier near the $460 level. A high is formed near $461 and the price is currently declining.
There was a break below the $454 level, plus the price traded below the 23.6% Fib retracement level of the recent wave from the $425 low to $461 high.
<img alt="Ethereum Price" class="alignnone size-full wp-image-449205" height="868" loading="lazy" sizes="(max-width: 1828px) 100vw, 1828px" src="https://www.cointelegraph.com.au/wp-content/uploads/2020/11/Ethereum-7-46.png"