This past week, there were a couple of swing moves towards $455 level in ETH price against the US Dollar. The ETH/USD pair tested the $450-455 zone where buyers were successful in defending losses. During the decline, there was a break below the 23.6% fib retracement level of the last wave from the $403 low to $488 high. Moreover, there was a close below the $470 level and the 100 simple moving average (4-hours).
However, the decline was limited as buyers took a stand above the $450 level. There is also a key connecting bullish trend line formed with support at $465 on the 4-hours chart of ETH/USD. Moreover, the 38.2% fib retracement level of the last wave from the $403 low to $488 high acted as a decent buy zone. As a result, the price spiked higher above the $470 resistance and the 100 simple moving average (4-hours). It even broke the $488 swing high and traded above $490. At the moment, the price is consolidating gains, but it remains supported above the $470 level