Ethereum (ETH) is back on its journey towards $500 while confronting its 2020 all-time high of $488. The hunt for support took longer than expected, with ETH spiraling under $450. However, a bottom was recently discovered for ETH around $430-$400, breathing fresh air into the market. Following a second rejection slightly below $470, Ethereum bulls triggered their line of defense. With little opposition, the upside rally continues as ETH/USD edges up towards $480. The quest for a greater demand zone is such that the uptick to $500 can be revived by Ethereum. The crypto asset is currently second on the Coinmarketcap table, with a market cap of $53 billion and $13.60 billion in trade volume over the past 24 hours. The price is currently trading beneath prior resistance at $470. ETH/USD may reactivate the traction towards $500 as it inches closer to much-awaited Ethereum 2.0. The market is currently in a waiting stance on the launch of the genesis phase of Ethereum 2.0 to whose deposit contract address over 50,000 ETH has already been sent.
*A bottom was recently discovered for ETH around $430-$400, breathing fresh air into the market
*With little opposition, the upside rally continues as ETH/USD edges up towards $480
*ETH/USD may reactivate the traction towards $500 as it inches closer to the much-awaited Ethereum 2.0
Resistance Levels: $550, $500, $470
Support Levels: $450, $430, $400
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
On the daily chart, ETH/USD next significant barrier seems to be established on the chart around its 2020 all-time high of $488. A breakout above this point could easily drive Ethereum beyond $500 towards $800. Following an earlier price rejection at the $470 medium-term barrier, the digital asset has seen a notable breakout towards $480, negating a possible retracement.
Ethereum price is above its daily MA 50 and MA 200 with a price target of $500 beyond the high of 2020. The RSI has also sustained its bullish stance which was followed by a 20% price explosion. A similar move would create a price target at $550, especially if the Ethereum price can break $488. However, rejection from the high at $488 may create a potential double top and may drive the price towards $450 to re-test the lower boundary of the horizontal channel.
ETH/USD 4-Hour Chart: Bullish
ETH/USD 4-Hour Chart
ETH/USD has staged a bullish breakout above a triangle pattern on the 4-hour time frame, sending the price towards the $480 resistance level. The ETH/USD pair could soar towards the $500 area if the breakout above the $450 level stays intact. Investors should note that the $470 offers the strongest takeoff or rejection point of the upcoming technical zone for the ETH/USD pair.
If the losses progress beneath $450 and Ethereum slides under the ascending trendline, a selloff could further trigger ETH decline. The ETH/USD pair is only bullish while trading above the $430, key resistance is found at the $470, $480, and the $500 levels. If the ETH/USD pair trades below the $430 level, sellers may test the $400 and $390 support levels.
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