ETH price may reach beyond 500 USD

After almost 2 month in which ethereum price seemed to be set on the 300 usd area, signs of it bursting again are starting to appear. The long-term uptrend continuation is one of them. After multiple bounces off the support at $280 area, the price started to move higher. Since 15th of September ETH/USD registered higher highs and higher lows, suggesting the presence of the uptrend. At the same time price is bouncing off the uptrend trendline and moving within the ascending channel. Without going into technical terms, there are more and more trading signs that predict the fact that ethereum price should start climbing again.

Overall, the bullish trend should continue with the price of ethereum reaching beyond 500 USD. It corresponds with the upper trendline of the ascending channel as well as with the Fibonacci retracement levels applied to corrective waves after the downtrend trendline breakout.

There are two major support levels, first is $345 and second, the key support, is $280. Only a break below $280 would be able to change the direction of the Ethereum, which at this point seems unlikely. Going over 345 USD suggests the possibility of ethereum price to reach 500 USD or more.

For those who want to invest in ethereum now is a good time to pay a closer attention to it. And for those who already own ETH, Christmas is coming!

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Written by Brad Chillum

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