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.
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.
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.