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Ethereum Price Forecast: Ether Climbing Toward $500

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is slowly recovering against the US dollar whereas it declined further versus bitcoin. ETH/USD is now placed nicely above the $470.00 and $460.00 supports.

Key Highlights

Ether’s price gained bullish momentum and broke the $470.00 resistance against the US dollar.
ETH/USD settled above a major bearish trendline with resistance at $460.00 on the 2-hour chart.
ETH/BTC remained in a downtrend and broke the 0.0580BTC support.

Technically, the 2-hour chart indicators moved into the bullish territory with positive signs.

Ether Price Analysis

Yesterday, we discussed an important range resistance near $470.00 and support at $455.00. ETH/USD dipped below the $455.00 support, but it bounced back sharply and broke the key resistances at $460.00 and $470.00.

Conversely, ETH/BTC remained in a downtrend and extended its declines below the 0.0580BTC support. The technical indicators are pointing to an oversold condition, increasing chances of a recovery above 0.0600BTC in the near term.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, the pair dropped below $450.00 and traded as low as $446.74. Later, the pair consolidated near $450.00 and rebounded sharply. It broke the $455.00 and $460.00 resistance levels to start a fresh upward move.

More importantly, Ether’s price cleared a crucial resistance at $470.00, opening the doors for further growth. The price traded toward the $480.00 level and is currently consolidating gains.

Moving up to the 2-hour chart of ETH/USD, the pair cleared a major bearish trendline with resistance at $460.00 and settled above the 38.2 percent Fibonacci retracement level of the last decline from $515.09 high to $440.85 low.

However, Ether must move above the $480.00 resistance and the 50 percent Fibonacci retracement level of the last decline to confirm more upsides toward $500.00 and $515.00.

Ethereum Price Forecast ETH

Should the price correct lower, it could find support near the previous resistance at $470.00. Below this, the next important support is at $460.00.

The overall price structure indicates an improvement in buying sentiment for Ether above $460.00. A successful close above the $480.00 resistance may perhaps further accelerate gains.

Important Resistance Levels

$480.00 and $500.00

Important Support Levels

$470.00 and $460.00

2-hour RSI

The RSI is back above the 50 level with a positive angle.

2-hour MACD

The MACD is gaining pace in the bullish zone.

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.