Key Highlights

  • ETH price is moving higher and is recovering above the $500 level against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $482 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may dip a few points, but it is likely to remain supported above the $480 level.

Ethereum price climbed higher above key levels against the US Dollar and Bitcoin. ETH/USD is gaining pace and it could move further above $520 in the near term.

Ethereum Price Trend

There was a decent support base formed around $445 in ETH price against the US Dollar. The price started an upward move and managed to move above the $460 and $480 resistance levels. There were positive signs, prompting a bullish wave above the $500 level. Buyers pushed the price above the 23.6% Fib retracement level of the last decline from the $545 high to $446 low.

There was a decent push above the $505 level and the 100 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance at $482 on the hourly chart of ETH/USD. The pair also succeeded in moving above the 50% Fib retracement level of the last decline from the $545 high to $446 low. These are positive signs and suggests that there could be more gains above the $500 level in the near term. On the upside, the next barrier is around the $540 level, where sellers are likely to appear.

Looking at the chart, the price bounced back nicely from the $446 low. If the recent bounce is true, there could be more gains above $520. On the downside, an initial support is around the $500 level, followed by the $480 level.

Hourly MACD – The MACD is gaining momentum in the bullish zone.

Hourly RSI – The RSI has moved above the 50 level with positive signs.

Major Support Level – $480

Major Resistance Level – $540

Source: Newsbtc



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