- Ethereum in tandem with the Bitcoin and other cryptocurrencies plunged from $489 to the key support at $420.
- ETH/USD is dealing with intense bear pressure at $450 ahead of the Ichimoku cloud.
Ethereum advanced above $450 this week and even extended the price action closer to $500. A new yearly high was traded at $489 before the second-largest cryptocurrency succumbed to widespread declines in the market. The fall from $489 was steep with Ether smashing below tentative support areas at $460 and $440. The good thing is that the buyer congestion at $420 gave bulls a boost leading to the ongoing recovery.
Meanwhile, ETH/USD has already climbed above the $440 resistance level. All eyes are currently glued on breaking above $450. This move will bring Ethereum closer to the lower end of the Ichimoku cloud.
The recovery is highlighted by other technical indicators such as the RSI. Following the fall to the oversold region, the indicator is now holding above 55. If the RSI clings the uptrend throughout the Asian and European sessions on Thursday, we can expect ETH to spike above the next hurdle at $460.
Similarly, comeback from losses suffered to $420 is reflected in the MACD’s move from the dip at -8.82 to -3.56 (current level). It is essential to watch the levels of the MACD closely because a cross into the positive region would mean that more buyers are willing to join the party as they anticipate gains above $500.
For now, bulls have a task to overcome the short term seller congestion at $450. Higher support would elevate Ethereum above the Ichimoku cloud which is likely to be Ethereum’s final ticket to highs above $500.
ETH/USD 1-hour chart
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