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ETH/USD Forecast: Ether Poised To Test $500

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether extended gains against the US Dollar and bitcoin. ETH/USD is now eyeing a test of the next major upside hurdle near $500.00.

Key Highlights

Ether gained bullish momentum and was able to test the $480.00 resistance against the US Dollar.
There is a major support area forming near $425.00 on the hourly chart of ETH/USD.
ETH/BTC moved above the 0.055BTC resistance and might continue to trade higher.

Technically, the 4-hour chart indicators have reached the overbought levels but with no signs of a correction.

Ether Price Dips Remain Supported

Yesterday, there was a solid upside move in ETH/USD and the pair succeeded in breaking the $460.00 resistance to challenge the $480.00 resistance.

Ethereum Price ETH/USD Forecast

ETH/BTC also gained traction and was able to move above the 0.055BTC resistance. The current trend is very positive and suggesting a test of the 0.060BTC handle in the near term.

Starting with the 4-hour chart of ETH/USD, the pair formed a new all-time high at $483.51 and it seems like the current upside move is not over. The pair is currently correcting lower towards $460.00-450.00, but dips remains supported.

An initial support rests around the $425.00 pivot, followed by two bullish trendlines at $380.00 and $365.00. The current price action is super bullish and pointing toward further upsides in Ether’s price.

Dropping down to the hourly chart of ETH/USD, the pair is following an ascending channel with support at $460.00. On the downside, there is a major horizontal support area forming near $425.00 along with a bullish trendline.

Ether Price Analysis Chart

An intermediate support is around the 23.6 Fib retracement level of the last wave from the $360.82 low to $483.51 high near $453.00-450.00 mark. Therefore, any correction from the current level is likely to find support on the downside at $460.00, $450.00 and $425.00.

On the upside, a break of the recent high at $483.51 could set the pace for a test of the all-important $500.00 resistance. Ether is showing a lot of bullish signs, which means the current momentum could easily push the price toward $500.00 in the near term.

Important Resistance Levels

$480.00 and $500.00

Important Support Levels

$460.00 and $453.00

Hourly RSI

The RSI is correcting lower from the extreme overbought levels.

Hourly MACD

The MACD is showing a lot of 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, 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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