{"id":436860,"date":"2020-09-01T05:28:10","date_gmt":"2020-09-01T05:28:10","guid":{"rendered":"https:\/\/wncen.com\/?p=436860"},"modified":"2024-06-11T14:15:49","modified_gmt":"2024-06-11T14:15:49","slug":"ethereum-500-milestone","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-500-milestone\/","title":{"rendered":"Ethereum Rallies 5%: Here\u2019s What Could Lead It To $500 Milestone"},"content":{"rendered":"
Ethereum extended its rally by 5% and it broke the $440 resistance against the US Dollar. ETH price is likely to break the $450 resistance, above which the bulls might aim $500.<\/em><\/p>\n In the weekly analysis, we discussed the chances of a big reaction from Ethereum bulls<\/a> above $408 against the US Dollar. ETH price did break the $408 resistance and it even climbed above the $425 resistance level (as discussed in yesterday\u2019s analysis<\/a>).<\/p>\n Ether price is now up 5% and it even surpassed the $440 resistance. A new multi-week high is formed near $448 and the price is currently consolidating gains.<\/p>\n An initial support is near the $443 level since it is close to the 23.6% Fib retracement level of the recent rally from the $428 swing low to $448 high. There is also a crucial bullish trend line forming with support near $438 on the hourly chart of ETH\/USD.<\/p>\n <\/a><\/p>\n The trend line coincides with the 50% Fib retracement level of the recent rally from the $428 swing low to $448 high. On the upside, the price is facing hurdles near $448 and $450. A successful close above the $450 resistance could open the doors for another 5% rally.<\/p>\n The next key resistance is likely to be $465 or $470. In the mentioned case, there are chances of a sharp increase towards the $488 and $500 resistance levels in the near term.<\/p>\n If Ethereum fails to clear the $450 resistance, it could start a downside correction. The first key support is near the trend line and the $438 level.<\/p>\n A downside break below the trend line support might start an extended downside correction below $435. The next key support for the bulls could be near the $425 level.<\/p>\n Technical Indicators<\/p>\n Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is currently gaining momentum in the bullish zone.<\/p>\n Hourly RSI – <\/strong>The RSI for ETH\/USD is slowly moving into the overbought zone.<\/p>\n Major Support Level \u2013 $438<\/p>\n Major Resistance Level \u2013 $450<\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum extended its rally by 5% and it broke the $440 resistance against the US Dollar. ETH price is likely to break the $450 resistance, above which the bulls might aim $500. Ethereum is gaining momentum above the key $430 and $435 resistance levels. The price is now trading well above the $430 level the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $438 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could correct a few points, but the bulls seem to be aiming a sharp increase above $450. Ethereum Price Climbs Towards $450 In the weekly analysis, we discussed the chances of a big reaction from Ethereum bulls above $408 against the US Dollar. ETH price did break the $408 resistance and it even climbed above the $425 resistance level (as discussed in yesterday\u2019s analysis). Ether price is now up 5% and it even surpassed the $440 resistance. A new multi-week high is formed near $448 and the price is currently consolidating gains. An initial support is near the $443 level since it is close to the 23.6% Fib retracement level of the recent rally from the $428 swing low to $448 high. There is also a crucial bullish trend line forming with support near $438 on the hourly chart of ETH\/USD. Ethereum price trades above $440. Source: TradingView.com The trend line coincides with the 50% Fib retracement level of the recent rally from the $428 swing low to $448 high. On the upside, the price is facing hurdles near $448 and $450. A successful close above the $450 resistance could open the doors for another 5% rally. The next key resistance is likely to be $465 or $470. In the mentioned case, there are chances of a sharp increase towards the $488 and $500 resistance levels in the near term. Downsides Are Likely To Be Supported in ETH If Ethereum fails to clear the $450 resistance, it could start a downside correction. The first key support is near the trend line and the $438 level. A downside break below the trend line support might start an extended downside correction below $435. The next key support for the bulls could be near the $425 level. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is currently gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH\/USD is slowly moving into the overbought zone. Major Support Level \u2013 $438 Major Resistance Level \u2013 $450<\/p>\n","protected":false},"author":67,"featured_media":436863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,13625,4],"tags":[1946,8686,78803],"class_list":["post-436860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ethereum","category-analysis","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n\n
Ethereum Price Climbs Towards $450<\/h2>\n
Ethereum price trades above $440. Source: TradingView.com<\/a><\/pre>\n
Downsides Are Likely To Be Supported in ETH<\/h2>\n