Key Highlights
- ETH price spikes higher and breaks the $500 and $515 resistance levels against the US Dollar.
- There was a break above a major contracting triangle with resistance at $470 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is currently unstoppable and it might soon blast towards the $550 level.
Ethereum price is rocketing higher against the US Dollar and Bitcoin. ETH/USD is surging higher towards the next major resistance at $550.
Ethereum Price Upside Surge
There were solid gains in ETH price recently from the $420-430 swing low against the US Dollar. The price gained heavy bids and was able to move above the last swing high at $497 and even broke the $500 level. A new all-time high was formed above $525 and it seems like the price is unstoppable at the moment. It has breached the 1.236 extension of the last wave from the $497 high to $421 low.
During the upside move, there was a break above a major contracting triangle with resistance at $470 on the hourly chart of ETH/USD. The pair is now placed well above the $500 level and is eyeing more gains. The next major upside target could be the $550 level. An intermediate resistance is around the 1.618 extension of the last wave from the $497 high to $421 low near $544. It seems like ETH buyers are now in full action and it could even rally just like bitcoin.
We can see continuing gains towards $600 in the near term. On the downside, the broken resistance at $497-500 may act as a support. However, the most important support is now at $450 and the 100 hourly simple moving average.
Hourly MACD – The MACD is gaining heavy momentum in the bullish zone.
Hourly RSI – The RSI has reached the extreme overbought conditions with no sign of a pullbacks.
Major Support Level – $500
Major Resistance Level – $550
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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