- Ethereum breaks out above $440 in a bid to smash through the current 2020 high at $447.
- ETH/USD bullish case to highs above $450 seems unstoppable as shown by the RSI and the MACD.
Ethereum has entertained the ongoing bullish case since the weekend session. In addition to reclaiming lost ground above $400, Ether paced past several other hurdles including $420 and $430. On Monday, there was a reversal back to the support at $420 before the bulls gathered enough strength to pull ETH above $430. The bullish action remained unstoppable with the bulls reclaiming the ground above $440 towards the end of the Asian session on Monday.
At the time of writing, ETH/USD is doddering at $442 amid a massive bullish momentum. All eyes are glued on breaking August’s high traded at $447 and pushing the second-largest cryptocurrency to new milestones beyond $450.
The technical picture is strongly positive at the moment. The RSI and the MACD highlight the obvious influence the bulls have over the price. For instance, the RSI is just about to cross into the overbought region while the MACD is resuming the uptrend within the positive region.
The widening gap between the 50 SMA and the 100 SMA in the 1-hour timeframe also drives home the point that buyers are in the cockpit. Pushing the throttle forward would force a lift-off above $450; a move that would greatly increase Ethereum’s chances of trading above $500 in September.
On the downside, establishing support at $440 should also be a priority because, in case of rejection at $447, the buyer congestion zone would save ETH/USD from a devastating dive to lower levels at $430 and $420 respectively. Other support areas to keep in mind are the accelerated trendline (broken line) and the main trendline (green).
ETH/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Bitcoin price primed to revisit $33,000 as global market turmoil rages on
Bitcoin (BTC) price is rallying in a full recovery story after a harsh and long crypto winter through most of 2022. With both yields and the US Dollar fading, the two biggest kryptonites for Bitcoin bulls are fading and losing their grip on the downtrend.
SEC v. Ripple: John Deaton says Hinman documents will be made public and support defense for Coinbase, Binance
XRP-friendly lawyer John Deaton believes Hinman emails are key to the legal battle between US financial regulator Securities and Exchange Commission (SEC) and payment giant Ripple.
Is this gaming token ready to plummet after a 56% rally in the last week?
With the Game Developers Conference between March 20 and 24, gaming tokens witnessed a massive boost in their prices. IMX token yielded 56% gains since March 13, alongside other blue-chip gaming tokens.
Here is what needs to happen for Ethereum price to rally 20%
Ethereum (ETH) price shows an exhaustion of bullish momentum after producing a clear sell signal on the four-hour timeframe. This development could result in a quick drop.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder
US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.