Technically, the 4-hour chart indicators are gaining momentum in the bullish territory.
ETH/USD is Back in Bullish Trend
Yesterday, we discussed that ETH/USD could test the $450.00 level. The pair traded higher during the past few sessions, gaining more than 10 percent, and buyers were successful in clearing the $450.00 resistance.
On the other hand, ETH/BTC remained in a tiny range around 0.0600BTC, since there was a sharp rise in bitcoin price above $7,500 versus the US dollar.
Looking at the 4-hour chart of ETH/USD, the pair followed a key bullish trendline with current support at $415.00. It was successful in 4-hour close above a significant resistance at $420.00, resulting in a sharp upward wave above $450.00.
Ether’s price traded past $475.00 and formed a high at $476.63. At present, there are many positive signs on the 4-hour chart, suggesting a continuation of the current rally. Should there be a downside correction from the current levels, the price could find support near $450.00 and $440.00.
Dropping down to the 30-minute chart of ETH/USD, the pair is currently consolidating above the $460.00 level. The 30-minute RSI is pulling from the overbought levels to signal a correction. On the upside, an initial resistance is the recent high at $476.63.
In the short-term, there could be ranging moves before the price makes an attempt to surpass $475.00. A successful breach of the mentioned $475.00 barrier could lead the price toward the next key resistance at $500.00.
Overall, Ether is back in a bullish zone and it might extend gains toward $500.00 this week, with supports on the downside at $450.00, $440.00 and $420.00.