We recently noted that Ethereum (ETH/USD) was forming a bottom and that a break above $420 was going to open up the $500 mark. As we can see on the 4H chart, this is exactly what happened, and it happened very quickly during the 4/12-4/13 sessions.
ETH/USD 4H Chart (Coinbase)
- The 4H chart shows price in a sharp rebound. This could be the start of a stronger rebound, but for now, we can't be too excited about the bullish reversal just yet.
- Price has cracked $500, but respected a general support area around $515.
- If price retreats, we should watch the $440-$450 area. If this area holds, then we can be more confident about the bullish reversal scenario.
- This bullish reversal scenario has the $600-$620 area in sight if price can push above $515.
- From the daily chart , we can see that the 200- and 50-day simple moving averages (SMAs) as well as a previous support area are around the $600-$620 area. This is why, we limit our bullish outlook to here for now.