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Ethereum price breaks critical resistance, bulls target $500 in the short-term

  • Ethereum price has broken above a critical resistance barrier at $463. 
  • There seems to be almost no resistance for Ethereum until $500.

Ethereum price topped out at $468 on November 7 and seemed to form a potential double top on November 11 after hitting $466, followed by a slight rejection. However, in the past four hours, the digital asset has seen a notable breakout towards $474, negating the possible double top pattern. 

ETH bulls face very little opposition to the upside

The next significant barrier seems to be established on the weekly chart at $488, which is the 2020 high formed on September 1. A breakout above this point could easily drive Ethereum towards $841. 

eth price

ETH/USD weekly chart

Ethereum price is inside a weekly uptrend, just like on the lower time frames. On the 4-hour chart, ETH broke out of a symmetrical triangle pattern, which gives a price target of $488, precisely the high of 2020. 

eth price

ETH/USD 4-hour chart

The MACD has also turned bullish for the first time since November 4, which was followed by a 20% price explosion. A similar move would create a price target at $546, especially if Ethereum price can break $488. 

However, rejection from the critical resistance barrier at $488 would form a potential double top and would likely drive Ethereum price towards $450 to re-test the upper boundary of the triangle pattern on the 4-hour chart.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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