Ether rallied sharply above $450.00 against the US dollar. ETH/USD is now placed nicely in a bullish trend, and it is likely to extend gains.
Ether’s price surged higher and broke the $450.00 resistance against the US dollar.
ETH/USD rallied more than 10 percent and there was a 4-hour close above a significant resistance at $420.00.
ETH/BTC is positioned nicely above the 0.0600BTC and is showing consolidation signs.
Technically, the 4-hour chart indicators are gaining momentum in the bullish territory.
ETH/USD is Back in Bullish Trend
Yesterday, we discussed that ETH/USD could test the $450.00 level. The pair traded higher during the past few sessions, gaining more than 10 percent, and buyers were successful in clearing the $450.00 resistance.
On the other hand, ETH/BTC remained in a tiny range around 0.0600BTC, since there was a sharp rise in bitcoin price above $7,500 versus the US dollar.
Looking at the 4-hour chart of ETH/USD, the pair followed a key bullish trendline with current support at $415.00. It was successful in 4-hour close above a significant resistance at $420.00, resulting in a sharp upward wave above $450.00.
Ether’s price traded past $475.00 and formed a high at $476.63. At present, there are many positive signs on the 4-hour chart, suggesting a continuation of the current rally. Should there be a downside correction from the current levels, the price could find support near $450.00 and $440.00.
Dropping down to the 30-minute chart of ETH/USD, the pair is currently consolidating above the $460.00 level. The 30-minute RSI is pulling from the overbought levels to signal a correction. On the upside, an initial resistance is the recent high at $476.63.
In the short-term, there could be ranging moves before the price makes an attempt to surpass $475.00. A successful breach of the mentioned $475.00 barrier could lead the price toward the next key resistance at $500.00.
Overall, Ether is back in a bullish zone and it might extend gains toward $500.00 this week, with supports on the downside at $450.00, $440.00 and $420.00.
Important Resistance Levels
$475.00 and $500.00
Important Support Levels
$450.00 and $440.00
The RSI is now well above 50 and is approaching 65.
The MACD is gaining bullish momentum.
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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