16 July ETHUSD Price Technical Analysis: Could Ethereum break further to $450?

Ethereum is trading at $434 after a failed attempt to break above $450 handle. What does the chart in the following 16 July ETHUSD Price Technical Analysis indicate? Could Ethereum break further to $450?

16 July, GKFX – The second largest coin with a current market value $44.1B has been moving in sync with Bitcoin and other major coins; however the upside is limited despite the recovery from Sunday’s low. Both volatility and trading volumes are low during Asian hours.

Community discusses Parity bailout outcomes

Meanwhile, the community is discussing the issue with Parity, a provider of multi-signature Ethereum wallets over a smart contract.

Back in November 2017 a bug in the programming code resulted in freezing over $280 million. In April 2018, Ethereum community voted against unlocking the funds frozen on Parity wallet accounts. However, some community members believe that Ethereum Foundation sneaked the acceptance 

“The Parity bailout EIP was just stealth “Accepted” by the Ethereum Foundation despite community rejection. Apparently the community found out and now the pull request has been closed. Ethereum is completely centralized,”

Twitter user known as “grubles” writes.

16 July ETHUSD Price Technical Analysis

Looking technically, ETHUSD is supported by 100 and 50-SMA at $436 and $438 respectively (1-hour chart). Once it is cleared, the sell-off may be extended towards $421 (the lowest level of July 12) and $400 (critical support).

On the upside, the resistance is created by psychological $450 strengthened by 200-SMA (1-hour chart). It is followed by $460, which is a critical Fibo retracement level.

ETHUSD, 1-hour chart


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