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Ethereum Price Forecast: ETH/USD Reaching Breakout

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD’s price action indicates a possible upside break toward $525.00 in the near term.

Key Highlights

Ether’s price is likely setting up for a rise above $500.00 against the US dollar.
ETH/USD is about to break a crucial contracting triangle with support near $490.00 on the 2-hour chart.
ETH/BTC is consolidating above the 0.0750BTC with a few positive signs.

Technically, the 2-hour chart indicators are mostly flat above their midlines.

Ether Price Analysis

During the past few hours, there were mostly ranging moves in ETH/USD above the $480.00 support. There are a few positive signs emerging on charts, suggesting a possible bullish break above $500.00.

ETH/BTC is currently trading in a tiny range above the 0.0750BTC support. It seems like the pair may perhaps start an upward move toward the 0.0780BTC and 0.0800BTC resistance levels.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, there was an intraday low formed at $488.30. Later, the pair recovered and moved above the $490.00 and $495.00 levels. However, the ascent was capped by the $500.00 resistance and a bearish trendline with current resistance at $498.00.

Moreover, there was a failure to break the 61.8 percent Fibonacci retracement level of the last drop from the $507.63 low to $488.30 low.

Should the price climb higher once again, there could be a break above the trendline resistance and $500.00. Moving up to the 2-hour chart of ETH/USD, the pair may soon break a crucial contracting triangle with support near $490.00 and resistance at $500.00.

Ethereum Price Analysis ETH/USD Forecast

A successful break above the $500.00 resistance could push the price toward the next resistance at $525.00, above which, the price has a chance to move into a positive zone toward $550.00.

However, a downward break below the triangle support around $490.00 may take Ether’s price toward the key pivot level at $480.00. Any further loss is likely to drive the price toward the all-important $450.00 support.

Important Resistance Levels

$500.00 and $525.00

Important Support Levels

$490.00 and $480.00

2-hour RSI

The RSI is currently flat near the 50 level.

2-hour MACD

The MACD is showing a few positive signs.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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