Ethereum started a strong increase of over $ 470, similar to Bitcoin (BTC), which managed to break above $ 18,000 against the US dollar. Although ETH price rose above $ 490, it retraced during the day. The leading altcoin was trading at $ 480 at the time of writing. According to veteran analyst Aayush Jindal, it is likely to go above $ 500.
Ethereum is trading with a strong bullish momentum above the $ 470 support level. The price is approaching the $ 500 barrier and is above the 100 hourly simple moving average. There is an uptrend line forming with support near $ 482 on the hourly chart of ETH / USD. The pair could go higher if there is a clear break and closes above $ 500
Ethereum Price Approaches $ 500
Ethereum gained bullish momentum after a close above the $ 470 level. ETH price broke the $ 480 and $ 485 resistance levels in the previous hours. There was also a strong increase in Bitcoin, and even exceeded $ 18,000. ETH also followed this upward trend and rose above $ 490.
The price traded as high as $ 495 and moved above the 100 hourly simple moving average. ETH currently hovers around $ 480. The main support for Ethereum is at $ 480. Leading altcoin is also struggling to move away from this level.
More importantly, there is a bullish trend line joining with support near $ 482 on the hourly chart of the ETH / USD pair. On the upside, the $ 495 level is a significant resistance. If this resistance is broken, Jindal expects $ 500. A clear break above the $ 500 resistance zone could trigger another 5% rally. The next stop for the bulls might be $ 525 or even $ 540 in the next sessions.
Is There a Decline in ETH?
If there is no upside break in ETH above the $ 495 and $ 500 resistance levels, there may be corrections at several points. The main support is currently forming near the $ 480 level and the bullish trend line. Further losses could lead the price towards the $ 465 support level and the 100 hourly simple moving average.