Ethereum price analysis: ETH/USD recovered, but Fibo retracement level at $460 won't let it go much higher
|- Ethereum is prone to consolidation below the critical resistance level.
- The coin needs to get above $460 to develop a sustainable recovery.
Ethereum, the seconds largest coin by market value, is changing hands at $444 after peaking at $463 on Saturday. ETH/USD is down 1.2% on daily basis and 1.4% lower since the start of the day. Ethereum's market value amounts to $44.9, while the average daily trading volume settled at $1.4B. Both volatility and trading activity are subdued after a short-term spike during early Asian hours.
From the long-term perspective, ETH/USD is capped by 78.6% Fibo retracement level at $460. The price poked it on Saturday, but a fresh wave of selling orders pushed it back. It means that the coin is likely to trade sideways unless there are strong movements on the broader crypto market. Once the Fibo level is cleared, the sloping trendline from May 5 high at $827 will come into focus. Currently, it sits at $476 and represents another strong resistance for ETH bulls.
On the downside, the critical support is spotted at $400. That's where new buyers are likely to appear to push the price off the dangerous zone. Though, if it gives way, the selling pressure may increase with the next aim at $359, which is the lowest level since April 4.
ETH/USD, the daily chart
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