Ethereum price breaks critical resistance, bulls aim for $ 500 in the near term

• Ethereum’s price broke through a critical resistance barrier at $ 463.
• There appears to be almost no resistance for Ethereum up to $ 500.

Ethereum’s price reached $ 468 on November 7 and appeared to form a potential double top on November 11 after hitting $ 466, followed by a slight rejection. However, in the past four hours, the digital asset has seen a notable breakout towards $ 474, canceling the possible double top pattern.

The ETH bulls encounter very little opposition to the upside

The next significant barrier appears to be established on the weekly chart at $ 488, which is the 2020 high formed on September 1. A breakout above this point could easily lead Ethereum towards $ 841.

ETH / USD weekly chart

The price of Ethereum is within a weekly uptrend, just like in the lower time frames. On the 4-hour chart, ETH has exited a symmetrical triangle pattern, which provides a price target of $ 488, precisely the 2020 high.

ETH / USD 4-hour chart

The MACD also turned bullish for the first time since November 4th, followed by a 20% price explosion. Such a move would create a price target of $ 546, especially if Ethereum’s price can rise above $ 488.

However, the rejection from the critical resistance barrier at $ 488 would form a potential double top and likely push Ethereum price towards $ 450 to retest the upper limit of the triangle pattern on the 4-hour chart.