- ETH cost is moving higher and is currently recovering over the 500 level from the US Dollar.
- There has been a break over a significant bearish tendency line with opposition at $482 about the hourly chart of ETH/USD (information feed through Kraken).
- The set could dip several points, but it’s very likely to stay supported over the 480 level.
ETH/USD is gaining speed and it might move farther above $520 in the long run.
Ethereum Price Analysis
There has been a decent service foundation made around $445 at ETH cost against the US Dollar. The cost started an up movement and was able to move over the $460 and $480 immunity levels. There were positive indications, prompting a bullish wave over the 500 level.
There was a good push over the 505 amount along with the 100 hourly easy moving average. More to the point, there was a fracture above a significant bearish tendency line with opposition at $482 about the hourly chart of ETH/USD. All these are positive indications and indicates that there might be many more profits above the 500 level in the near term. On the upside, the following barrier is about the $540 amount, where sellers are more very likely to appear.
On viewing the chart, the price increased again 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