Thanks to the message from the leadership of the Commission on securities and stock exchanges of the USA that the turnover of Ethereum will not be adjusted based on the securities laws, the course of bitcoin has increased dramatically. However, the average prices per 100 hours is lower than for 200 hours, thus there is a high probability of maintaining the bearish trend.
Also, the gap between the average performance of 100 and 200 hours, it indicates a strengthening of the downtrend. The RSI dropped from overbought level, the number of sellers increases, while the activity of buyers has decreased. Thus, the rate of Ethereum could fall to $480, then the trend line will change in the opposite direction.
Major support formed at $445. During fall rate from $545 to $446 cryptocurrency was trading above the 50% Fibonacci level. This is a positive signal and indicates the short-term upward trend. The main resistance stands at $540.
The graph shows that the price sharply increased from a minimum value of $446. If bullish trend continues, the rate of ETH strengthens above $520. In case of a downward movement, we must overcome two main barriers at $500 and $480.