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ETHEREUM PRICE TECHNICAL ANALYSIS – ETH/USD FACING CRUCIAL TEST

The price started a recovery from the $390 swing low and moved above $420. It even moved
above the 50% Fib retracement level of the last drop from the $455.99 high to $390.74 low. However,
the price is facing many hurdles on the upside near $430 and $458.

The current recovery was capped by the 76.4% Fib retracement level of the last drop from the $455.99
high to $390.74 low. There is also a short-term bearish trend line forming with resistance near $430 on
the hourly chart of ETH/USD. If the pair succeeds in breaking the trend line resistance at $430, it might
challenge $455-458. The stated $458 level is very important as a resistance. It acted as a support earlier
and now it might prevent gains above $460. Moreover, the 100 hourly simple moving average is near
$455 to prevent buyers from taking control.
It looks like the price might trade in a range below $455 for some time before it makes an upside move.
On the downside, a couple of important supports are at $410 and $400 followed the recent low at $390.
Hourly MACD – The MACD has reduced most of its bearish slope.
Hourly RSI – The RSI is currently just around the 50 level and has reduced most bearish signs.
Major Support Level – $420
Major Resistance Level – $455

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