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Ethereum (Eth Price) Grand Rally Towards $500 if Clears the $470 Barrier

Since so far both Bitcoin and Ethereum are performing well. Bitcoin proved it is a safe haven as it moved from its March lows of $5,000 to touch a high of $15,968. Similarly, Ethereum Price also moved from $190 to reach $490 high. Within a few months, these digital assets were placed in the top investment baskets across the globe.

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Ethereum – ETH Price Analysis 

At press time Ethereum is trading at $460.09 with minor gains. The second largest coin is holding a market cap value of $52,164,006,464 with $14,162,700,689 trading volume.

According to the technical indicators, after forming a support base above $440, Ethereum started a steady rise. ETH price broke the $450 and $455 resistance levels stepped into the positive zone.

However, we can find many supports forming for Ethereum, starting with $460. The first key support is near the $455 level. The main support is apperaing near the trend line, $445 and the 100 hourly SMA.

On the other hand, a clear break below the $444 support level might effect the current bullish view. Any further losses may lead for a drop towards the $420 support zone.

  • Hourly MACD is slowly losing momentum in the bullish zone.
  • The RSI for ETH/USD is now well above the 60 levels.
  • Major Support Level – $455
  • Major Resistance Level – $470

Overall, Ethereum is slowly rising and trading above the $460 resistance against the US Dollar. ETH price is likely to rally towards $495 or $500 if it clears the $470 resistance zone.

ETH 2.0 Might Fuel ETH Price Rally

Possible bullish signals pop up as core ETH devs lock funds in Eth 2.0 smart contract.

 Data from Dune Analytics reveals that 52,801E TH have been sent to the Ethereum 2.0 deposit contract over the past few days. This amounts to 10% of the 524,000 tokens threshold needed to launch the upgrade into mainnet. As core developers continue to lock up their coins in the contract they are incentivized for a quick launch, which could positively affect prices.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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