Ethereum Ready To Break Above $450: When Will It Happen?
Ethereum is finally out of the $380 trading range. Technical indicators are signaling in Ethereum’s favor, but there is one obstacle that could reverse the price back again. What is it about?
Ethereum price dynamics
Ethereum kicked off the trading session this week with sustained bullish impulses. The second-largest cryptocurrency exited the long-term price consolidation phase and broke the $380 resistance level. The crypto asset in 2018 already tested this price region as a support, but could not gain a foothold and, under the influence of bears, the price turned back.
Analysts are convinced that today Ethereum has sufficient technical potential to grow and overcome the main psychological milestone of $450. Last week, the crypto asset already tested the $440 support level amid growing buying activity. Despite a slight pullback in price back, the bears were unable to take over, so Ethereum is ready to continue to fight to overcome this resistance level.
Technical indicators are bullish
The technical charts of the ETH/USD pair indicate the presence of bullish signals, thanks to which the cryptocurrency can continue its upward trajectory. The main condition for Ethereum’s growth today is overcoming the $440 obstacle. If the bulls push Ethereum above this level, the cryptocurrency could potentially reach $500 or more.
Analysts are optimistic about the current dynamics of the Ethereum price. If you look at the technical indicators of the crypto asset, you can see an upward trend. In particular, the Ethereum Relative Strength Index (RSI) is currently near 70. This metric signals the formation of a strong bullish trend for ETH.
What will happen if bears activate?
Despite the favorable technical picture, the bearish scenario of the Ethereum price movement should not be ignored. On the 4-hour chart of the ETH / USD pair, a double top pattern has formed, which potentially carries the threat of a price reversal. If Ethereum fails to close this trading session above $400, there is a chance that the price could roll back to the $380 support level.