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.
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.
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.