Ether’s price is eyeing a bullish break against the US dollar and bitcoin. ETH/USD could clear the $475.00 and $480.00 hurdles for more gains.
Ether’s price is climbing while showing positive signs above $465.00 against the US dollar.
ETH/USD is about to settle above a crucial bearish trendline with resistance at $465.00 on the 6-hour chart.
ETH/BTC could make a positive move above 0.0720BTC once ETH/USD gains momentum.
Technically, the hourly chart indicators are rising higher in the bullish territory.
Ether Price Analysis
During the past two sessions, there were positive moves in ETH/USD above the $460.00 support. The pair formed a solid bullish pattern on the 6-hour chart, indicating a possible upside break in the near term.
ETH/BTC remained well positioned above the 0.0700BTC support area. Should ETH/USD continue to climb, it could help ETH/BTC gain bullish momentum.
Starting with the 6-hour chart, it seems like there is a strong support base formed above $450.00. The last 6-hour candle suggests a bullish pattern. More importantly, the pair is attempting a close above a crucial bearish trendline with resistance at $465.00.
Should Ether break $475.00, the price could clear the $480.00 resistance, and the next barrier is near the 61.8 percent Fibonacci retracement level of the decline from the $548.12 high to $405.29 low at $494.00.
Dropping down to the hourly chart of ETH/USD, there is a bearish trendline in place with current resistance at $475.00. Therefore, a break above $475.00 could accelerate gains toward $480.00 and $494.00.
On the downside, an initial support is at $465.00, below which, the price may well decline to $460.00 and $458.00. Overall, the 6-hour chart is signaling a possible bullish break, but Ether’s price must gain pace above $475.00 to validate the pattern.
Important Resistance Levels
$475.00 and $480.00
Important Support Levels
$465.00 and $460.00
The RSI is currently above the 55 level.
The MACD is placed nicely in 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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