TA: Ethereum Could Rally To $500 If It Clears The $470 Barrier

Aayush Jindal

1 year ago

2 mins read

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Ethereum is slowly rising and trading above the $460 resistance against the US Dollar. ETH price is likely to rally towards $495 or $500 if it clears the $470 resistance zone.

Ethereum is showing positive signs above the $450 and $455 support levels.
The price is currently trading above the $460 resistance and well above the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $444 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a strong rally if there is a clear break above the $470 resistance zone.

Ethereum Price is Likely To Surge Again

After forming a support base above $440, Ethereum started a steady rise. ETH price broke the $450 and $455 resistance levels to move into a positive zone.

The upward move was such that the price climbed above the key $460 resistance, plus settled well above the 100 hourly simple moving average. A swing high was formed near $467 and the price is currently consolidating gains.

An initial support is near the $460 zone (a multi-touch zone). It is also close to the 23.6% Fib retracement level of the recent upward move from the $441 swing low to $467 high. The first key support is near the $455 level, where the bulls are likely to emerge.

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent upward move from the $441 swing low to $467 high is also near the $455 level. There is also a major bullish trend line forming with support near $444 on the hourly chart of ETH/USD.

On the upside, the $468 and $470 levels are important barriers. A successful close above the $470 resistance level might open the doors for a sharp increase. The next key resistance is seen near the $480 level. Any further gains might call for a move towards the $495 and $500 levels.

Downsides Supported in ETH?

There are many supports forming for Ethereum, starting with $460. The first key support is near the $455 level. The main support is forming near the trend line, $445 and the 100 hourly SMA.

A clear break below the $444 support level might negate the current bullish view. Any further losses may perhaps open the gates for a drop towards the $420 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 60 level.

Major Support Level – $455

Major Resistance Level – $470

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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