Ethereum price analysis; ETH/USD bulls set their eyes on $500
- Ethereum is creeping higher, but still lags behind BTC.
- The sentiments are changing, creating favorable envirinment for growth.
Ethereum jumped from $450 support and touched $485 handle late on Tuesday before settling down at $479 by the time of writing. The second largest coin with a market value registered at $47.9B have an average daily trading volume settled at $2.3B, which is drastically higher that $1.5B on Monday. The priceis mostly unchanged on a daily basis while growing volatility may trigger more extended recovery towards $500 if the cryptocurrency market continue moving upwards across the board.
Ethereum is lagging behinnd Bitcoin rally, but the strong upside movement of the largest coin still supports altcoins, including ETH. A steady flow of netative news has dried out both om macro and micro level, which means that we have a good chance to see a new bullish trend coming back to life.
Ethereum's technical picture
Looking technically, ETH/USD is capped by 50-DMA, currently at $482. Once it is cleared, the price will move towards psychological $500 handle followed by $516 (recent high). On the downside, the local support is produced by $460 (Fibo retracement level). If it is broken, ETH will extend the sell-off towards $440 (Friday's low ) and $421 (the lowest level of July 12).
ETH/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
