|

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.

More from Lorenzo Stroe
Share:

Editor's Picks

Ripple extends losses as derivatives interest cools

Ripple (XRP) extends its bearish roll near $1.12 support on Friday, reflecting intense headwinds in the broader crypto market largely attributable to macroeconomic pressure.

Crypto Today: Bitcoin, Ethereum, XRP weaken further as capital outflows persist

Macroeconomic headwinds continue to weigh heavily on the cryptocurrency market on Friday, prompting major assets like Bitcoin (BTC) to pare earlier gains and extend losses after June’s brief relief rally.

Bitcoin Weekly Forecast: Recovery hopes fade after the Fed spoils the party

Bitcoin is set to end the week in the red, trading near the 200-Week Simple Moving Average at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds point to a sixth consecutive week of outflows.

Sui risks a deeper bearish leg despite on-chain resilience

Sui is down 2% on Friday, extending its decline toward the recent support leg formed at $0.6618. The Total Value Locked in the Sui ecosystem has stabilized around 600 million SUI tokens, reflecting resilient user demand.

Bitcoin: Recovery hopes fade after the Fed spoils the party
Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.