Ethereum price started a strong increase above $470 and it is likely to surge above $500

Ethereum price started to rise sharply above $ 470 thanks to the bullish momentum from Bitcoin. With this momentum, ETH’s possibility of rising above $ 500 is entirely possible, especially as Bitcoin is slowly approaching the $ 20,000 mark.

Ethereum price is close to $ 500, and it is above the 100 hourly simple moving average

Ethereum gained momentum after closing above $ 470 levels. ETH price broke the resistance levels of $ 480 and $ 485. There was a sharp rise in Bitcoin, and it even reached $ 18,000, leading to pushing ETH to $ 490. However, at press time, ETH is trading around $ 468.

ETH price was once as high as $ 495 and above the 100 hourly simple moving average. Ether is currently consolidating profits, with immediate support near $ 491. It is close to the 23.6% Fib retracement level of the recent rally from the $ 476 low fluctuating to the $ 495 high.

The next major support for Ethereum is near $ 486. This is a multi-touch zone and coincides with the 50% Fib retracement level of the recent rally from a $ 476 high hovering at a high of $ 495.

ethereum-price-started-a-strong-increase-above-470-and-it-is-likely-to-surge-above-500

More importantly, there is a connected uptrend line forming with support near $ 482 on the hourly chart of ETH/USD. On the downside, $ 495 is the initial resistance. The primary hurdle is currently at $ 500. A clear break above the $ 500 resistance zone could trigger another 5% rally. The next stop for the bulls can be $ 525 or even $ 540 in the coming sessions.

If there is no break above the $ 495 and $ 500 resistances, Ethereum could correct a few points. The first major support is near the $ 485 – $ 486 zone.

Major support is currently forming near $ 480 and the uptrend line. Any further losses could move the price towards the $ 465 support and the 100 hourly simple moving average.

You can see the Ethereum price here.

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