There is a need for Ethereum bulls to rise above the $500 resistance mark quickly to stop the bears from laying hold of the opportunity to enter and reverse the accumulated gains.
Today seems like a successful trading session as all digital assets seem to be posting “incredible” profits. Moreover, ETH/USD bullish action rose higher than the $450 mark and proceed to about $480. Also, there’s been a forming of an intraday high at about $472.
Where Is the Price of ETH Going Next?
The technical levels at present prove that the bulls are not finished yet. The reason for this is that the more they remain under the 9-day and the 21-day moving averages, the more the regrouping of sellers is possible. The implication of this regrouping would lead to the formation of support levels at $425, $415, and $405.
Currently, trends seem to favor the bulls as the RSI (14) is a little higher than the 60-level; it’s also rising to the overbought region.
As against Bitcoin, ETH is presently crashing below the 9-day and 21-day moving averages.