Ethereum price analysis: ETH/USD bullish momentum gaining steam; least resistance is to the upside
|- The price has jumped 1.68% while a bullish momentum retesting the short-term resistance at $440.
- The 23.6% support is strong to hold, but $430 and $420 will come in handy.
Ethereum price has been battered by overarching selling activity especially this week. On the contrary, the week is coming to end with a slightly bullish trend on Friday 13. ETH/USD corrected higher with the support at $420 being very instrumental. The price has jumped 1.68% on the day while there is a bullish momentum retesting the short-term resistance at $440.
The price is also range-bound, but a sustained break above $440 could recover past the resistance highlighted by the 38.2% Fib retracement level with the previous swing high of $481.43 and a low of $421.80 at $444. The next resistance targets are at $460 and at $480 (critical level) ahead of the psychological $500.
The MACD momentum indicator is ranging, but on the positive side, although the 100 SMA has crossed above the shorter 50 SMA. The Bears are looking for an entry, besides Ethereum price is changing hands at $437 after it opened the trading session at $431. The 23.6% Fibonacci level is the immediate support. Similarly, it has stood ground for the better part of the intraday trading on Friday. Therefore, it is likely that this level will hold to the end of the session and allow the buyers to gain momentum above $440. Moreover, in the event the support is broken, there are more support areas at $430 and $420.
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