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Ether Price Analysis
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Ethereum Forecast: ETH/USD Surpassed $500; More Gains Likely





Ether traded above $500.00 against the US dollar for the first time. ETH/USD remains in a major uptrend and eyes more upsides.

Key Highlights

Ether finally broke the $500.00 psychological level against the US dollar.
There are key supports forming near $480.00 and $460.00 on the 2-hour chart of ETH/USD.
ETH/BTC tested the 0.0450BTC support and it might decline further in the near term.

Technically, the 2-hour chart indicators are rising higher in the bullish territory.

Ether Price to Continue Higher

In yesterday’s analysis, we saw a correction pattern in ETH/USD toward the $460.00 support. The pair met the mentioned correction and later started a new upside wave to trade above $500.00 for the first time.

Ethereum Price ETH USD Forecast

On the other hand, there were further declines in ETH/BTC and the pair tested the 0.0450BTC support. Bitcoin price rose above $10,000 for the first time, which increased bearish pressure on Ether versus bitcoin.

Starting with the 2-hour chart of ETH/USD, the pair completed a correction pattern near $460.00-455.00. Later, it consolidated for a few sessions and then started an upside move with a break above the $480.00 resistance.

The upside move was solid since the pair was able to break a crucial $500.00 psychological level and traded to a new all-time high at $515.50. The current trend is very bullish and suggests more upsides in Ether’s price above the $515.50 level.

At the outset, the price is currently correcting and testing the $500.00 level. The mentioned $500.00 level was resistance and now it could hold declines. Below $500.00, the broken resistance at $480.00 is the next support.

Ether Price Analysis Chart

To the downside, the main support is close to a bullish trendline at $460.00 on the same chart. Moving down to the 30-minute chart of ETH/USD, there are many bullish candles. It seems like the price might correct toward $495.00 or $490.00 before it makes another upside move.

Overall, ETH/USD buyers are back and Ether will most likely accelerate further toward $525.00 and $550.00. On the downside, the $480.00 and $460.00 levels are crucial supports.

Important Resistance Levels

$515.00 and $525.00

Important Support Levels

$480.00 and $460.00

2-Hour RSI

The RSI is reaching the 65-70 levels, but with no sign of a major correction.

2-Hour MACD

The MACD are gaining momentum 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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