Ethereum (ETH) is slowly rising and trading above the $ 460 resistance against the US Dollar. The ETH price will likely rise to $ 495, or then $ 500 if it clears the $ 470 resistance zone, according to analyst Aayush Jindal.
Ethereum is showing positive signs above the $ 450 and $ 455 support levels. The price is currently trading above the $ 460 resistance and well above the 100 hourly simple moving average. There is a major bullish trend line formed with support near $ 444 on the hourly chart of ETH / USD. If there is a clear break above the $ 470 resistance zone, the pair could start a strong rally.
Ethereum Price Likely To Rise Again
After building a support base above $ 440, Ethereum has been on a steady rise. ETH price broke the $ 450 and $ 455 resistance levels to move into the positive zone. The upward move caused the price to break above the key $ 460 resistance plus well above the 100 hourly simple moving average. A high of around $ 467 was formed and the price is currently consolidating gains.
Initial support is near the $ 460 zone (multitouch zone). At the same time, it is near the 23.6% Fib retracement level of the recent upward move from the $ 441 low to $ 467 high. The initial key support is near the $ 455 level where bulls are likely to emerge. There is also a major bullish trend line formed with support near $ 444 on the hourly chart of ETH / USD.
On the upside, $ 468 and $ 470 are important obstacles, according to Jindal. A successful close above the $ 470 resistance level may open the doors for a sharp increase. The next key resistance is seen near the $ 480 level. Any other gains could require a move towards the $ 495 and $ 500 levels.
Is There Any Negative Situation in ETH?
There are many supports for Ethereum starting at $ 460. Initial key support is near the $ 455 level. The main support trendline is forming near $ 445 and the 100 hourly SMA. A clear break below the $ 444 support level could negatively impact the current bullish outlook. More losses could open the doors for a drop towards the $ 420 support zone.