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Fan Yang

ETH/USD Might Break Above $515 if It Can Hold Above $440-$450

We recently noted that Ethereum (ETH/USD) was forming a bottom and that a break above $420 was going to open up the $500 mark. As we can see on the 4H chart, this is exactly what happened, and it happened very quickly during the 4/12-4/13 sessions.

$ETHUSD 4H Chart

(click to enlarge)

From CoinPowR

  • The 4H chart shows price in a sharp rebound. This could be the start of a stronger rebound, but for now, we can't be too excited about the bullish reversal just yet. 
  • Price has cracked $500, but respected a general support area around $515. 
  • If price retreats, we should watch the $440-$450 area. If this area holds, then we can be more confident about the bullish reversal scenario.
  • This bullish reversal scenario has the $600-$620 area in sight if price can push above $515. 
  • From the daily chart , we can see that the 200- and 50-day simple moving averages (SMAs) as well as a previous support area  are around the $600-$620 area. This is why, we limit our bullish outlook to here for now.

ETH/USD Daily Chart

(click to enlarge)

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