Ethereum price formed a support base above $450.00 against the US Dollar. However, ETH/USD is struggling to break an important hurdle near $476.00-484.00.
- Ethereum price may sooner or later make the next move with a crucial hurdle near $484.00 against the US Dollar.
- ETH/USD is currently trading inside a major contracting triangle with resistance at $472.00 on the 2-hour chart.
- The pair will either break above $476.00 and then $484.00 or it could break down towards $444.00.
Ethereum Price Weekly Analysis
Ethereum price formed many lower highs this past week after testing an important resistance area near $484.00-486.00 against the US Dollar. The ETH/USD pair failed to gain momentum, but it stayed above the $450.00 pivot level.
Looking at the 2-hours chart, the price formed lower highs at $486.00, $482.00, $478.00 and recently near $476.00. On the downside, there is a strong support formed at $450.00, which protected declines on more than two occasions.
The recent low was formed at $452.06 before the price jumped higher. It moved above the 50% Fib retracement level of the last decline from the $482.61 high to $452.06 low. There was also a close above the $460.00 level and the 21 simple moving average (2-hours).
It seems like there is a major contracting triangle in place resistance at $472.00 on the same chart. A break above the triangle resistance and the 76.4% Fib retracement level of the last decline from the $482.61 high to $452.06 low could open the doors for more upsides.
However, a break above the $476.00-484.00 resistance won’t be easy. On the positive note, once the lower highs pattern is breached and the price trades above the $482.061 swing high, there are high chances of a new monthly high above $486.00.
On the other hand, if the price fails to move above $476.00, it may perhaps decline towards $450.00. Below this, Ethereum price may come under a lot of selling pressure, with an immediate support at $444.00, followed by $440.00.
To sum up, the next break in ETH/USD could be above $476.00 or below $450.00 in the near term.
The market data is provided by TradingView, Coinbase.