21 July ETHUSD Price Technical Forecast: Support, breakout on the short-term


Ethereum’s price is recovering nicely against the US dollar and bitcoin. Could ETHUSD accelerate gains to $500.00? What does the following 21 July ETHUSD Price Technical Forecast explain?

21 July, AtoZ Markets – Ethereum, the second largest cryptocurrency has given a small breakout on the short tervm chart after the prices respected support on the short term charts, even as it may not result in prices rallying too hard for now as there are resistance enough on its way up.

21 July ETHUSD Price Technical Forecast

ETHUSD is higher by more than 2 percent on day at $459.51, near high of the day after bouncing off the low. On the short term charts, the prices took support from an ascending trendline on the 480-minute chart, while that helped prices breaking out of a descending trendline on the hourly chart.

While the breakout boosts morale of the bulls, there is imminent resistance on the 480-minute chart in the form of a descending trendline, just around the current market price, which is at $461. Sustained crossover of this resistance will take prices all the way towards $500.

ETHUSD 480-minute chart:

ETHUSD 60-minute chart:

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