- Ethereum price is testing $470 resistance, likely to consolidate above $460 in the near-term.
- The buyers must seek support above $465, but the 61.8% Fibo will prevent declines at $460.
Ethereum price has smashed out of the range explored during the analysis on Friday 13 last week. The crypto traded marginally above $450 on Sunday 15 (yesterday) but kicked off the trading on Monday at $449.51. ETH/USD is currently exchanging hands at $467 following an unexpected bullish momentum spike that is testing the resistance at $470.
The cryptocurrency has engaged forward gears and is intent on making higher corrections in the short-term. Ethereum price is up over 4% on the day while the technical indicators signal that the bullish momentum could continue to dominate in the near-term. The Stochastic RSI indicator is rolling further above the 80 mark.
The short-term resistance level is $470, but the critical zone (upper supply zone) is highlighted at $480. Trading above this level will pave the way for further upside movement towards the psychological $500. However, at the momentum, ETH/USD is likely to settle in a bullish flag pattern supported above $465. Consequently, the 61.8% Fib retracement level with the last swing high of $491.13 and a low of $408.23 will prevent declines at $460. Another support is observed at $450, in the event a trend reversal occurs and the declines persist.
ETH/USD 1-hour chart
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