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.
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.
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.