Lorenzo Stroe
Independent Analyst
- 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/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/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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?