Ethereum price currently correcting gains after failed to test $500, showing bearish signs below $470

Ethereum price once rallied close to $ 495, but it failed to surpass $ 500. ETH is currently correcting gains and shows signs of falling below $ 470. In fact, ETH could plummet if there is a clear breakout of below $ 474 and $ 470 shortly.

ethereum-price-currently-correcting-gains-after-failed-to-test-500

ETH/USD 4-hour chart | Source: TradingView

Ethereum price is approaching major support

Ethereum has risen above the $ 480 and $ 485 resistance, but it could not test the $ 500 resistance. ETH has formed a high near $ 495, and it has stabilized above the 100 hourly simple moving average.

Recently, there was a sharp downside correction below the $ 485 pivot level. Ether price even broke the $ 480 support, but the bulls can still defend the $ 470 support and simple moving average. 100 hours.

A recent low formed near $ 470, and a recent high is close to $ 482. The price is currently falling and trading below $ 480. It tests the $ 476 support or the 50% Fib retracement level of the recent wave from the $ 470 low to the $ 482.

ethereum-price-currently-correcting-gains-after-failed-to-test-500

The next major support is near $ 474. There is also a major uptrend line forming with support near $ 474 on the hourly chart of ETH / USD. The trendline coincides with the 61.8% Fib retracement level of the recent wave from the $ 470 low to the $ 482 high.

Key support is close to $ 470 and the 100 hourly simple moving average. If there is a clear break below the trendline support, $ 470, and the 100-hour SMA, the price can plummet to $ 455 in the coming sessions.

If ETH sustains above the trendline’s support or $ 470, it might attempt a fresh uptick. Initial resistance on the upside is near the high of $ 482. The first major resistance is close to $ 485. A successful break above the $ 485 axis could open the door for a new upside towards $ 485. a high of $ 495, or even $ 500.

You can see the Ethereum price here.

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