Ethereum Positive Signs Form As Altcoin Closed Above $470

By November 13, 2020Ethereum
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The Ethereum positive signs formed once the altcoin managed to close above $470 with chances to rally towards $500 if there is a clear break above the $500 so let’s look into the Ethereum price analysis today.

Ethereum is slowly gaining pace above the $450 and the $460 levels. The price is trading nicely above the $460 level and the 100 hourly simple moving average. There’s also a major bullish trend line forming with the support at $455 on the hourly charts of the ETH/USD data and the pair could even speed up higher if there is a proper close above the $470 resistance. Ethereum remained above the $450 and the $455 support levels with the price breaking the $460 resistance levels and settled above the 100 hourly simple moving average.

eth chart
Chart of ETH’s price action over the past few years with a macro analysis by crypto trader Chase_NL on Twitter.

However, the price seems to face more hurdles close to the $468 and the $470 levels. A swing high was formed close to $458 and the price is now consolidating the gains. The initial support is near the $464 level with the close of the $23.6% fib retracement level from the increases at $453 swing low to $468 high. There’s a major bullish trend line forming with support close to the $455 on the hourly charts of the pair. On the upside, the $468 zone is a key breakout zone with a successful break above the $468 resistance and follow up on another $470 resistance that could open the doors for a sharp increase. The next major resistance is close to the $480 level above which the ETH price will test the $500 handle.

eth chart
Source ETHUSD on TradingView.com

If there’s no upside break above the $470 resistance level, Ethereum could start a corrective move on the downside. The initial support is close to the $460 level. the Ethereum positive signs formed and now the main support is forming at $455 and the $454 levels. The 100 hourly simple moving average is positioned near the trend lien support of $455. More losses could start a larger decline towards $435 in the near-term. the technical indicators of MACD for ETH/USD is gaining momentum in the bullish zone. The hourly RSI for the pair is now well above the 50 levels. The major support level is set at $454 with the major resistance level set at $470.

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