Ethereum (ETH) gearing up for a run: up to $484 possible

30 May, 2019 | Updated: 31 May, 2019
by Lourens Pepler
Price Analysis
Ethereum (ETH) gearing up for a run: up to $484 possible

After not wanting to retrace deep after a nice impulsive move, ETH is breaking out from its previous high of $280, now sitting at a value $282.  Is Ethereum gearing up for a run to $484?

Highlights:

- ETH above previous high

- Very bullish signs

- $310 first target, $484 is a possibility

Starting off with a daily outlook, we can see that ETH is still strong in regards to momentum. It has held this upwards trend for more than 150 days. That along With RSI pointing upwards above 70, show us that bullish action lies ahead for ETH.

Our first target seems to be near $310, which is $30 away from the current price. After that, we have some resistance at $370, which was brief support back in April of 2018. If ETH manages to break through $370, then we can most likely expect $484 to be reached.

ETH/USD chart provided by Tradingview

Fib tool time

Diving in a bit deeper to a lower time frame, we get a better look at the first impulse wave on the 3-hour chart. Plotting a Fib tool on the chart we can see that ETH has only managed to retrace 38%, that's super bullish! The 38% retracement level is also at the same price as the support level we had plotted out from our previous ETH analysis.

ETH/USD chart provided by Tradingview

If we flip the tool over to measure for possible extensions, we once again see the confluence from the higher time frame analysis with our resistance line lining up almost perfectly with the fib extensions. Since ETH only managed to retrace 38%, we will assume that ETH will most likely reach the higher extension, like the 261% level, once it starts impulsing again.

ETH/USD chart provided by Tradingview

Things are looking good for ETH as it readies itself for the next pump, but first, we would like to see ETH clear this $280 level and find support above $300 before we can be confident that those higher levels can be reached.

Do you think $484 ETH is possible? Let us know what you think the comments below!

Disclaimer: Keep in mind this not investment or trading advice, just the opinion of our analysts. As always, do your own research, make your own decisions.

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