Ether’s price is gaining bullish momentum against the US dollar and bitcoin. ETH/USD may perhaps accelerate gains above $500.00 toward $550.00.
Ether’s price broke higher and surged above the $480.00 resistance against the US dollar.
ETH/USD is now placed above a significant bearish trendline with resistance at $470.00 on the daily chart.
ETH/BTC traded higher and broke the 0.0720BTC resistance level.
Technically, the daily chart indicators are slowly rising toward midlines in the bearish territory.
Ether Price Weekly Analysis
During the past few days, there was a brief consolidation above the $450.00 support in ETH/USD. The pair formed many lower highs before breaking above $480.00.
After forming a support base above the 0.0700BTC level, ETH/BTC slowly moved higher. It managed to break the 0.0720BTC resistance and it could continue to move higher toward 0.0750BTC.
Let’s start with the daily chart of ETH/USD to evaluate the current price action and uptrend. After a major decline from well above $800.00, Ether’s price found support above $400.00. Later, a long consolidation phase started with a bullish angle.
Recently, the pair gained momentum and broke a significant bearish trendline with resistance at $470.00 on the same chart. It indicates that the price may correct above $500.00 in the near term. To the topside, an important resistance is near the 23.6 percent Fibonacci retracement level of the decline from the $833.91 high to $405.29 low at $505.00.
A successful close above $500.00-505.00 could open the doors for further gains toward the $550.00 resistance. Dropping down to the 2-hour chart of ETH/USD, the pair cleared a crucial bearish trendline with resistance at $472.00.
The upward wave found resistance around the 61.8 percent Fibonacci retracement level of the decline from the $548.12 high to $405.29 low. A new monthly high was formed at $492.81 and the price is currently consolidating gains. An initial support awaits at $480.00 (previous resistance), below which, Ether may well retest the $470.00 support.
Looking at the chart, it seems like Ether buyers were successful in pushing the price above a few key hurdles like $470.00 and $480.00. The next key resistances are at $494.00, $500.00, and $505.00. Above this last, Ether may start a major uptrend toward $550.00 and $600.00.
Weekly Resistance Levels
$494.00 and $505.00
Weekly Support Levels
$470.00 and $450.00
The RSI is currently near the 46 level.
The MACD is about to move into the bullish zone.
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
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