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Ethereum Price Forecast: Ether Could Revisit $500

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is gaining bullish momentum against the US dollar and bitcoin. ETH/USD broke key resistances, which could lead to a test of $500.00.

Key Highlights

Ether’s price surged higher and broke a significant resistance near $450.00 against the US dollar.
ETH/USD climbed toward the $475.00 resistance and is currently consolidating gains.
ETH/BTC broke the 0.0700BTC resistance and is likely to break 0.0720BTC.

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.

Ethereum price forecast ETH

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.

Ether price analysis chart

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. 

Important Resistance Levels

$476.00 and $495.00

Important Support Levels

$460.00 and $450.00

2-hour RSI

The RSI is rising toward the 70 level with a positive angle.

2-hour MACD

The MACD is showing many bullish 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.