Ethereum can go up to $ 530 if the bulls cross the parallel channel
If the Ethereum bulls eliminate resistance close to $485, the next barrier will be around $530
The price of Ethereum (ETH) has risen about 4.5% in the last 24 hours to trade around $465 at the time of writing.
If the ETH continues to rise in the short term, momentum may take it above a crucial resistance line. After that, the bulls will likely seek the psychological $500, with a breakout putting the next resistance area around $530 at stake.
ETH/USD: Technical Image
Ethereum remains within a parallel upward channel on the hourly chart.
The ETH/USD currency pair is trading near the midline of the channel. However, the upside remains stagnant below the upper boundary, which delimits the stock at $485.
The bulls have tried to cross the border or higher on several occasions in recent days without success.
But with the price moving higher and higher on the hourly chart, it appears that the prevailing bullish momentum will be enough to push the ETH/USD pair above the limit.
The ETH is currently trading near $465 and will likely test the bear resolve at the upper limit of the indicator. The simple 100-hour moving average and upward pressure means the short term target is to break the trend line and consolidate near the $500 price line.
1 hour ETH/USD chart. Source: TradingView
Once the bulls eliminate the resistance from the trend line and make 100-SMA an important support area, the next barrier is around $530.
On the other hand, the short term view will be negative if the bulls can’t keep the gains above the midline of the channel.
More importantly, the ETH needs to stay above 100-SMA for the bulls to maintain their advantage. If sellers can push the ETH/USD pair down, losses can exceed $450. A more realistic support base is close to $440, which is also the base of the parallel channel.
In other parts of the market, Bitcoin (BTC) has reached highs of $16,750 and may soon exceed $17,000. Meanwhile, Litecoin (LTC) is overtaking most high capitalization altcoins with a 15% jump in price, reaching $80.00.
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