Lorenzo Stroe
Independent Analyst
- Ethereum price is contained inside an ascending parallel channel.
- The smart-contracts giant is on the verge of a breakout above the upper trendline of the pattern.
It seems that Ethereum bulls are ready for a breakout above $483, which is the top of the ascending parallel channel. The next price target would be $520 in the short-term, the height of the pattern.
Ethereum only faces one last critical resistance level before $520
Ethereum price is currently $483, just below the upper trendline of the ascending parallel channel on the 4-hour chart. The MACD remains bullish and gaining a lot of strength in the past few hours.
ETH/USD 4-hour chart
The trading volume is also increasing which means bulls are extremely strong right now, further increasing the odds of a successful breakout. The next price target is located at $520, which is a 10% price increase.
ETH IOMAP chart
The In/Out of the Money Around Price chart shows virtually no resistance ahead. The most significant support area is located between $453 and $468. However, there seems to be no opposition until $555.
ETH/USD 1 and 4-hour charts
Despite the bullish outlook for Ethereum, the TD Sequential indicator has presented a sell signal on the hourly chart around two hours ago and another sell signal on the 4-hour chart. Validation of these calls could drive Ethereum price towards $442.
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