Ethereum price is showing positive signs above the $ 455 support against the US Dollar. According to renowned analyst Aayush Jindal, if there is a clear break above $ 470, the Ethereum price could rise to $ 500.
Ethereum price is slowly rising above the $ 450 and $ 460 levels.
The price is currently trading above the 100 hourly simple moving average and the $ 460 level.
There is a major bullish trend line formed with support near $ 455 on the hourly chart of ETH / USD (data feed via Kraken).
The pair could rise further if there is a proper close above the $ 470 resistance.
Aayush Jindal: Ethereum price is approaching boom! Here are the next goals
Ethereum price continued to bid above the $ 450 and $ 455 support levels. ETH price even broke the $ 460 resistance level and settled well above the 100 hourly simple moving average. However, the price appears to be facing hurdles near the $ 468 and $ 470 levels. A high around $ 468 has formed and the price is currently consolidating gains.
The initial support is near the $ 460 level, according to the analyst. This level is near the 23.6% Fib retracement level of the recent increase from $ 453 to $ 468. The first key support is near the $ 455 level or the 50% Fib retracement level of the recent increase, according to the analyst. More importantly, there is a major bullish trend line formed with support near $ 455 on the hourly chart of the ETH / USD pair.
Here are the levels that Ethereum price can test in the short term.
On the upside, the $ 468 zone is a key breakout zone. A successful break above the $ 468 resistance and a follow-up move above the $ 470 resistance could open the doors for a sharp increase, according to the analyst. The next major resistance is near the $ 480 level, above which the ETH price is likely to test the $ 500 level.
If there is no upside break above the $ 470 resistance level, Ethereum could initiate a corrective decline. The initial support is near the $ 460 level, according to the analyst. The main support is currently forming near the $ 455 and $ 454 levels, according to the analyst. The 100 hourly simple moving average is also positioned near the trendline support and $ 454, according to the analyst. Further losses could trigger a larger drop towards the $ 435 and $ 432 support levels in the near term.
Current outlook of Ethereum price with technical indicators
Hourly MACD: The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
Hourly RSI: The RSI for ETH / USD is currently well above the 50 level.
Major Support Level: $ 454.
Major Resistance Level: $ 470.
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