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Key Highlights
- ETH price surged sharply and cleared the $480 resistance level against the US Dollar.
- There is a major bullish trend line forming with support at $440 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains in an uptrend and it is likely to move above $495-500 for more gains in the near term.
Ethereum price is rising sharply against the US Dollar and Bitcoin. ETH/USD is now well above the $440 pivot level and eyes upsides above $500.
Ethereum Price Uptrend
Yesterday, we saw a decent start of an upside move above $425 in ETH price against the US Dollar. The price gained upside momentum and it succeeded in breaking a crucial pivot level at $440. It cleared the way for more gains and the price rocketed above the $480 level. It even pierced the $500 level and traded as high as $503.34. At the moment, the price is consolidating gains above the $480 level.
It recently declined below the 23.6% Fib retracement level of the last wave from the $450 low to $503 high. However, the downside correction was limited by the $480-484 support area. Moreover, the 38.2% Fib retracement level of the last wave from the $450 low to $503 high acted as a support. It seems like there is a solid support forming above the $480 level. There is also a major bullish trend line forming with support at $440 on the hourly chart of ETH/USD.
Therefore, it seems like the price is placed nicely above $480 and is preparing for more upsides. A proper close above the $500 level could open the doors for further gains. If there is a downside correction from the current levels, the broken resistances at $480 and $440 are likely to provide supports.
Hourly MACD – The MACD is placed nicely in the bullish zone.
Hourly RSI – The RSI is currently near the 70 level.
Major Support Level – $480
Major Resistance Level – $500
Charts courtesy – Trading View
