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ETHEREUM PRICE TECHNICAL ANALYSIS – ETH/USD TO BREAK $480 SOON?

The price moved below the $475 support and traded below the 23.6% Fib retracement level of
the last wave from the $358.17 low to $482.89 high. However, the downside move was limited as the
$450-488 support area came into the picture and prevented declines.
Moreover, the 38.2% Fib retracement level of the last wave from the $358.17 low to $482.89 high also
acted as a support. Later, the price formed a base around the $448-450 levels and started upside move.

There was a break above a contracting triangle with resistance at $457 on the hourly chart of
ETH/USD. The pair is now back above the $460 level and is positioned well above the $450 support. It
seems like the pair might continue to trade higher towards the last swing high of $482.
If buyers remain in action, there is even a chance that the pair would clear $480-482 for more gains.
The next target in this case would be $500. On the downside, there are many support levels such as
$464 and $460. The most important support is around the $450-448 zone.
Hourly MACD – The MACD is moving back in the bullish zone.
Hourly RSI – The RSI is well above the 50 level and signaling bullish bias.
Major Support Level – $460
Major Resistance Level – $480

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