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Ethereum Forecast: ETH/USD Cruising Toward $460-480

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is super bullish against the US Dollar and bitcoin. ETH/USD broke key resistance levels and is now cruising toward the $450.00-460.00 levels.

Key Highlights

Ether surged higher and broke the $420 resistance to form a new all-time high above $435.00 against the US Dollar.
There is a crucial bullish trendline forming with support at $410.00 on the 2-hour chart of ETH/USD.
ETH/BTC gained bullish momentum and succeeded in breaking the 0.050BTC resistance.

Technically, the 2-hour chart indicators are moving higher in the overbought region.

Ether Price to Break $450?

In yesterday’s analysis, we discussed that ETH/USD could gain momentum above $400.00 towards $420.00 or even $440.00. The pair did move higher and traded toward the $440.00 level.

Ether Price Analysis Chart

Similarly, there were solid gains in ETH/BTC as the pair was able to surpass a crucial resistance area near 0.050BTC. It is now positioned well above 0.052BTC and is eyeing further upsides in the near term.

Looking at the 30-minute chart of ETH/USD, the pair surged higher toward $425.00 once it broke $400.00. Later, it found offers near $425.00 and made a minor correction. However, the mentioned correction was limited as the previous $400.00 resistance acted as a support and prevented further declines.

The price started a fresh rally from the $400.00 swing low and even broke the $425.00 resistance. It traded close to the $440.00 level and remains poised for more upsides in the near term. On the downside, the broken resistance at $425.00 is an initial support, followed by the last swing low of $400.00.

Moving on to the 2-hour chart of ETH/USD, the pair is showing a lot of positive signs above $400.00. There is a crucial bullish trendline forming with support at $410.00, which is likely to act as present trend support.

Ethereum Price ETH USD Forecast

The current 2-hour candle is very bullish and signaling a push above $440.00. Above $440.00, the next major resistance is near $450.00 and then $460.00.

To sum up, Ether’s price is finally back in action and it might continue its bullish momentum against the US Dollar and bitcoin. ETH/USD could even trade toward $500.00 during the coming days.

Important Resistance Levels

$440.00 and $450.00

Important Support Levels

$425.00 and $410.00

30-minute RSI

The RSI is in the extreme overbought levels.

30-minute MACD

The MACD is strongly placed 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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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