Ethereum Price Analysis: ETH/USD Surging Above $500
- ETH price surged higher and cleared a few important resistances near $500 against the US Dollar.
- Yesterday’s highlighted important bullish trend line is active with support at $480 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is placed nicely above the $500 level and it is likely to accelerate higher in the near term.
Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD is surging and it could soon break the $525 level for more upsides.
Ethereum Price Trend
Yesterday, there was a minor downside correction from the $480 resistance in ETH price against the US Dollar. The ETH/USD pair corrected lower and tested the $465 support area. It tested the 38.2% Fib retracement level of the last wave from the $443 low to $480 high. Buyers appeared, protected further losses, and pushed the price back above $480. The price gained bullish momentum and even broke the $500 resistance.
It traded as high as $513.65 and is currently correcting lower. It tested the 23.6% Fib retracement level of the last leg from the $465 low to $513 high. It seems like the $500 level is now acting as a support and preventing declines. Below $500, the next support is near the $490 level. Furthermore, yesterday’s highlighted important bullish trend line is active with support at $480 on the hourly chart of ETH/USD. Overall, the price remains well supported for more gains above $480. At the outset, the current price formation indicates that the price could break the $513 high in the coming hours.
Looking at the chart, the price is likely to accelerate towards the $525 level. Above this, the next stop for buyers could be around $550. In the short term, there may well be a few downward spikes, which are likely to find bids near $500 and $480.
Hourly MACD – The MACD is placed nicely in the bullish zone.
Hourly RSI – The RSI is currently well above the 70 level.
Major Support Level – $500
Major Resistance Level – $525
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