Ethereum price rose nicely from the $ 425 support zone against the US Dollar. Ethereum price is struggling to clear the $ 460 resistance and could revisit $ 420 in the near term, according to renowned analyst Aayush Jindal.
- Ethereum price is showing several 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 large contract triangle formed with support near $ 450 on the hourly chart of ETH / USD (data feed via Kraken).
- If the pair fails to stay above the $ 440 and the 100 hourly SMA, it could drop to $ 420.
Famous analyst: Ethereum price lost momentum! May fall
After a sharp downside correction, Ethereum price found support near the $ 425 level. The ETH price formed a base price above $ 425 and began a fresh rise above the $ 435 resistance. Ether gained speed above the $ 440 resistance and the 100 hourly simple moving average.
There was also a break above the $ 450 resistance, but the price encountered a major hurdle near the $ 460 level. A high was formed around $ 461 and the price then dropped. There was a break below the $ 454 level. There seems to be a large contract triangle formed with support near $ 450 on the hourly chart of ETH / USD.
Here are the critical levels that Ethereum price could test soon
If Ether price breaks the triangle support, it could test the $ 442 support, according to the analyst. This level is near the 50% Fib retracement level of the last bullish wave, according to the analyst. The next major support is close to the $ 440 level and the 100 hourly simple moving average. Below this there is a risk of a sharp drop towards $ 425 and even $ 420 in the coming sessions.