Ethereum price struggled to gain bullish momentum above $480.00-500.00 against the US Dollar. ETH/USD is currently facing a significant hurdle near $500.00.
- Ethereum price is facing heavy sell offers near the $480.00-500.00 resistance zone against the US Dollar.
- There is a significant bearish trend line formed with resistance at $495.00 on the daily chart of ETH/USD.
- The pair must break the trend line and $500.00 resistance to trade higher in the near term.
Ethereum Price Weekly Analysis
Ethereum price spiked higher above $480.00 this past week against the US Dollar. However, the ETH/USD pair failed to hold gains and is currently trading with a few bearish signals below the $500.00 level.
Looking at the daily chart, the price recently traded above the $500.00 resistance and the 38.2% Fib retracement level of the last decline from the $629.64 high to $407.11 low.
However, the upside move faced a strong resistance near the $516.00 level and the 50% Fib retracement level of the same decline. More importantly, ETH/USD buyers struggled to clear a significant bearish trend line formed with current resistance at $495.00 on the same chart.
The pair declined below $500.00 and it is currently consolidating below the trend line and the $500.00 resistance. Should there be a break and close above these resistances, the price could move into a bullish zone above $516.00.
The next resistance above $516.00 is close to $545.00 level, which is also a pivot region and coincides with the 61.8% Fib retracement level.
On the flip side, if the price fails to break the trend line and the $500.00 resistance, it may perhaps dive towards the $410.00 support area. Any further declines below $400.00 is likely to put a lot of pressure on Ethereum buyers.
The current wave structure and the price action suggests that ETH/USD will most likely clear hurdles near $500.00 and start a fresh bullish wave. Moreover, once there is a proper close above the 21-day simple moving average, the price could surge above the $500.00 barrier.
Overall, ETH price is likely to make an upside move as long as the $410.00 support area is intact.
The market data is provided by TradingView, Coinbase.