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Ethereum Forecast: ETH/USD Skyrockets





Ether’s price zoomed higher against the US Dollar and bitcoin. ETH/USD is now eying a new all-time high above $500.00.

Key Highlights

ETH/USD broke an ascending channel at $475.00 on the 30-minute chart to move toward $500.00.
ETH/BTC surged above the 0.030BTC resistance and is gaining bullish momentum.

Technically, the 2-hour chart indicators are gaining momentum in bullish territory.

Ether Price to Break $500 Soon?

As discussed yesterday, ETH/USD’s price action was bullish above $430.00. The pair was able to gather upside momentum and moved above the $450.00 and $475.00 resistance levels.

Ethereum Price ETH USD Forecast

However, the main performer was ETH/BTC since it was able to move above a major resistance at 0.030BTC. It is a strong bullish signal and suggests that the market sentiment is now favoring more gains. More importantly, Ether was seen trading higher, while bitcoin price declined versus the US Dollar.

Starting with the 2-hour chart of ETH/USD, there was a clear break above a major bearish trendline at $430.00. The pair also succeeded in settling above the $450.00 resistance.

At present, the price is attempting a 2-hour close above the $475.00 resistance. Should the price close above $475.00, there could be more gains above the $500.00 level. The price traded as high as $497.18 recently and is currently placed well above the $450.00 support

Dropping down to the 30-minute chart of ETH/USD, there was a break above an ascending channel with resistance at $475.00 and now it seems like Ether’s price could correct from the recent high of $497.18.

Ether Price Analysis Chart

An initial support on the downside is at $475.00 followed by $470.00 (resistance turned support). Below the mentioned $470.00, the $450.00 pivot would act as a strong support.

To sum up, ETH/USD buyers are back with a lot of strength. Once the current correction is complete, Ether will most likely resume its uptrend and attempt an upside break above the all-important $500.00 resistance.

Important Resistance Levels

$490.00 and $500.00

Important Support Levels

$470.00 and $450.00

30-minute RSI

The RSI has reached the overbought levels and is signaling a short-term correction.

30-minute MACD

The MACD is placed very well 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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