Technically, the 30-minute chart indicators are signaling strong bullish signs.
Ether Price to Retest $500?
It's a good start to the week as ETH/USD formed a decent support base above $430.00 and started an upside move toward $475.00 and $490.00.
On the flip side, ETH/BTC declined once again and is currently trading below 0.0300BTC. It has to recover soon or there lies a risk of it declining toward 0.0250BTC.
On the 2-hour chart timeframe, ETH/USD started an upside move after consolidating around $420.00 for a few hours. It seems like there is a crucial bullish trendline forming with support at $440.00, which will continue to act as a major hurdle for a downside break.
The pair was recently successful in breaking the 50 percent Fibonacci retracement level of the last decline from the $511.38 high to $429.73 low. It is a positive sign, but there are many challenges on the upside for Ether buyers such as $490.00 and $500.00.
Looking at the 30-minute chart of ETH/USD, the current upside wave stopped near a connecting resistance trendline at $475.10. At present, the pair is struggling to break the trendline and resistance at $475.00.
A successful close above $475.00 could trigger a break of the 61.8 percent Fibonacci retracement level of the last decline from the $511.38 high to $429.73 low at $480.00. In the mentioned scenario, Ether’s price will most likely challenge the $500.00 psychological level.
On the downside, there is a bullish trendline at $464.00 as a short-term support. Below $464.00, the 2-hour chart trendline at $440.00 may come into the picture. The overall price action is bullish and bearish pressure is muted for now.