Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum started a strong increase above $470, similar to bitcoin above $17.5K against the US Dollar. ETH price is trading above $490 and it is likely to surge above $500.
- Ethereum is trading with a strong bullish momentum above the $470 and $485 support levels.
- The price is approaching the $500 barrier and it is above the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support near $482 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rally further if there is a clear break and close above $500.
Ethereum Price is Approaching $500
Ethereum gained bullish momentum after there was a close above $470 level. ETH price broke the $480 and $485 resistance levels. There was a strong rise in bitcoin and it even cleared $18k, resulting in a push above $490 in ether.
The price traded as high as $495 and it is above the 100 hourly simple moving average. Ether is currently consolidating gains, with an immediate support near $491. It is close to the 23.6% Fib retracement level of the recent rally from the $476 swing low $495 high.
The next major support for ethereum is near the $486 level. It is a multi-touch zone and coincides with the 50% Fib retracement level of the recent rally from the $476 swing low $495 high.
Source: ETHUSD on TradingView.com
More importantly, there is a connecting bullish trend line forming with support near $482 on the hourly chart of ETH/USD. On the upside, the $495 level is an initial resistance. The main hurdle is now at $500. A clear break above the $500 resistance zone could spark another 5% rally. The next stop for the bulls may perhaps be $525 or even $540 in the coming sessions.
Downsides Limited in ETH?
If there is no upside break above the $495 and $500 resistance levels, ethereum might correct a few points. The first key support is near the $485-$486 zone.
The main support is now forming near the $480 level and the bullish trend line. Any more losses could lead the price towards the $465 support level and the 100 hourly simple moving average.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining a strong momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 65 level.
Major Support Level – $480
Major Resistance Level – $500
