Ether climbed above $500.00 and 0.0620BTC against the US dollar and bitcoin respectively. ETH/USD is poised for further gains with supports at $500.00 and $480.00.
Ether’s price extended gains and jumped above the $500.00 barrier against the US dollar.
ETH/USD capitalized on many bullish patterns to stage a solid upward wave from $430.00 to well above $500.00.
ETH/BTC also gained bullish traction and moved above the 0.0620BTC resistance.
Technically, the 6-hour chart indicators are about to reach the overbought levels in the bullish territory.
ETH/USD Could Rise Further
The past few sessions were super bullish as ETH/USD extended gains above the $475.00 and $500.00 resistance levels. The pair is now placed nicely above $500.00 and is eyeing further upsides in the near term.
Similarly, ETH/BTC gained momentum and moved above the 0.0620BTC resistance. The pair may well continue to trade higher toward the next resistance at 0.0650BTC.
Starting with the 2-hour chart of ETH/USD, there is a clear uptrend visible from the $365.00 swing low. The pair formed many bullish breakout patterns and surged higher.
The last bullish breakout was near the $485.00 resistance, which opened the doors for a push above $500.00. The price even cleared the $505.00 and $520.00 resistance levels. It is currently up more than 12 percent, and it seems like Ether buyers are in control.
On the upside, the next major resistance awaits at $548.00-550.00, where sellers are likely to take a stand. Should sellers fail to defend the $550.00 resistance, there could be an upward surge toward $600.00.
Moving up to the 6-hour chart of ETH/USD, there is a strong support formed around $420.00 and a bullish trendline. The pair is currently trading above the $500.00 handle, and a successful 6-hour close above the stated level will most likely cement the current bullish trend.
Overall, Ether remains on track to post the third consecutive day of gains and possibly the highest weekly gain for 2018. ETH/USD may perhaps continue to grind higher, and any retracement is likely to find support near the $480.00-500.00 zone.
Important Resistance Levels
$550.00 and $600.00
Important Support Levels
$500.00 and $480.00
The RSI is about to reach the 70 level.
The MACD is showing a lot of bullish signs.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets
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