RATE Group | Ethereum Price Weekly Analysis: ETH/USD Facing Major Resistance
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Ethereum Price Weekly Analysis: ETH/USD Facing Major Resistance

29 Jul Ethereum Price Weekly Analysis: ETH/USD Facing Major Resistance

Posted at 06:09h in Ethereum News by

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Key Highlights

  • ETH price is facing a major resistance near the $472-480 levels against the US Dollar.
  • There are two bearish trend lines formed with resistance at $472 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair must break these trend lines and settle above $472-480 to gain upside momentum.

Ethereum price is struggling to gain bullish traction versus the US Dollar and Bitcoin. ETH/USD’s current price structure suggests an upside break above $472.

Ethereum Price Upside Hurdle

This past week, there were many swing moves near the $470-80 zone in ETH price against the US Dollar. The ETH/USD pair made many attempts to settle above the $490-500 resistance zone. However, buyers failed to gain bullish momentum and the price remained in a bearish zone below $490. The last swing high was $486.21 from where the price corrected lower.

It broke the 50% fib retracement level of the last wave from the $446 low to $486 high. There was even a spike below the $460 level and the 100…

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