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

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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

ETHNews is commited to its Editorial Policy

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