Ethereum’s price points to $ 520 if the bulls manage to break out of this critical resistance level

• Ethereum’s price is limited within an ascending parallel channel.
• The upper bound of the pattern is a crucial resistance level.
• The bulls aim to hit $ 520 if they manage to break the trend line above $ 485.

Ethereum is currently trading at $ 461, limited within an ascending parallel channel on the hourly chart. The digital asset looks poised to test the trend line above $ 485. A breakout above this point can quickly drive Ethereum’s price towards $ 520.

Ethereum bulls earn $ 520

The current parallel clockwise upward channel is the most significant short-term pattern. The trend line above $ 485 has acted as a good resistance level since Nov 7. The price of Ethereum is currently in the middle of the pattern and above the 100-SMA.

1 hour ETH / USD chart

Ethereum looks poised to rise towards $ 485 after conquering the 100-SMA support level for the first time since November 14. A breakout above the upper trend line would be significant and could push ETH towards $ 520 using the height of the pattern.

ETH IOMAP chart

The In / Out of the Money Around Price chart certainly looks to favor the bulls, showing a solid support area between $ 488 and $ 461 but hardly any resistance in sight, well up to $ 533. This adds strength to the bullish outlook.

The most important problem for short-term bulls is not being stopped by the parallel channel’s central trend line. A loss of the 100-SMA would also be substantial and could push Ethereum’s price towards the lower boundary of the pattern at $ 443.