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ETH Rises Slowly And Could Rally To $500 If It Clears $470 Barrier

11/11/2020

ETH rises slowly and has the potential to rally to $500 if it manages to surpass the $460 resistance area against the US dollar. The price could rally to $500 if it clears these resistances so let’s check up on the latest analysis in our ethereum price news.

Ethereum is showing positive signs above $450 and $455 support levels. The price is trading above $460 resistance and above the 100 hourly simple moving average. There’s a major bullish trend line forming with support of $444 on the hourly charts of the ETH/USD pair. The pair could start a strong rally if there’s a clear break above the $470 resistance level.

eth chart
Image Courtesy of Cactus. Source ETHUSD on TradingView.

After forming a support base of $440, ETH slowly rises and the price broke the $450 and the $455 resistance levels to move into the positive zone. The upwards movement was such that the price climbed above the key $460 resistance level and settled above the 100 simple moving average. The swing high was formed close to the $467 and the price is now consolidating the gains. The initial support is near the $460 zone and it closed above the 23.6% fib retracement level from the upward move at $441 swing low to $467 high.

The first key support is close to the $455 level where the bulls could emerge. The 50% fib retracement level from the upward movement at $411 swing low to $467 high is near the $455 level too. There’s a major bullish trend line forming with support of $444 on the hourly charts of the pair. On the upside, the $468 and the $470 levels are important barriers so a close above it could open the doors for another increase. The next key resistance is near the $480 level.

eth chart
Chart of ETH’s price action over the past three years with analysis by crypto trader Cactus (@Thecryptocactus on Twitter).

There are many supports forming for ETH starting at $460. The first key support is near the $455 level. the main one is forming at $445 and the 100 hourly SMA. The clear break below $444 support could negate the bullish view. Further losses could open the gates for a drop towards the $420 support zone. The pair is losing momentum in the bullish zone while the hourly RSI is well above the 60 levels. The major support level is set at $455 while the major resistance level is set at $470.