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.
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.
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.