Technically, the 2-hour chart indicators are rising in the bullish territory.
Could ETH/USD Test $450?
In the last few analyses, we discussed the importance of the $420.00 resistance zone. ETH/USD seems to be gaining bullish momentum today and it could settle above the mentioned resistance for further upsides in the near term.
Similarly, ETH/BTC continued to move higher and the pair was successful in breaking the 0.0600BTC resistance. In the short term, the pair may possibly correct lower toward the support at 0.0580BTC, which was previously a resistance.
Starting with the 30-minute chart of ETH/USD, the pair formed a decent support base near the $410.00 level. There were multiple attempts to clear $410.00, but Ether sellers failed. As a result, there was a strong bounce and the pair moved above $415.00 and $420.00.
On the downside, there is a connecting bullish trendline forming with support at $411.00. The current price action is bullish and it seems like the pair may continue to accelerate toward the $425.00-430.00 resistance zone.
Moving up to the 2-hour chart of ETH/USD, the pair is about to break an important bearish trendline. A successful 2-hour close above the $420.00 level will most likely increase buying interest in the short term.
If Ether has a bearish reaction in the $420.00-430.00 region, the price may well test a significant bullish trendline with support at $402.00.
Looking at the current technical structure on both charts, the risk skews to the upside in ETH/USD as indicators are turning north. Beyond $430.00, Ether’s price has room to extend its advance up to the $450.00 price zone.