Technically, the 2-hour chart indicators are rising higher in the bullish territory.
Ether Price Analysis
In yesterday’s Ethereum weekly forecast, we discussed a crucial bottom in ETH/USD and a possible break above the $440.00 and $450.00 resistance levels. The pair did move higher and surged more than 5 percent to trade past $470.00.
Similarly, ETH/BTC also gained bullish momentum and broke a key resistance near 0.0700BTC. The pair may continue to move higher above the next resistance at 0.0720BTC.
Starting with the 2-hour chart of ETH/USD, there was a clear bullish break above the $440.00 and $450.00 resistance levels. More importantly, there was a break above the 61.8 percent Fibonacci retracement level of the last decline from the $495.49 high to $418.40 low.
Ether’s price settled above the $450.00 resistance and also formed a large green candle, signaling improvement in the market sentiment. It tested the 76.4 percent Fibonacci retracement level of the last decline near $476.00, which acted as a resistance.
A new weekly high was formed at $476.98 before the price started consolidating gains. On the downside, an initial support sits near $460.00 and a bullish trendline on the 30-minute chart of ETH/USD.
However, the most important support is around $450.00 (the previous significant resistance) and the 50 percent Fibonacci retracement level of the recent upward move from the $418.40 low to $476.98 high.
Should there be a break above $476.98, Ether could gain bullish momentum toward the last swing high at $495.49. Above this, the price will most likely attempt to surpass the $500.00 barrier.