The price of Ethereum is on the verge of a massive 10% breakout towards $ 520

• The price of Ethereum is contained within an ascending parallel channel.
• The smart contract giant is on the verge of a breakout above the pattern’s upper trendline.

It appears that the Ethereum bulls are poised for a breakout above $ 483, which is the top of the parallel uptrend channel. The next price target would be $ 520 in the short term, the height of the pattern.

Ethereum only faces one last critical resistance level before $ 520

The price of Ethereum is currently $ 483, just below the upper trend line of the parallel ascending channel on the 4-hour chart. The MACD remains bullish and has been strengthening a lot in the past few hours.

ETH / USD 4-hour chart

The trading volume is also on the rise which means that the bulls are extremely strong right now, further increasing the chances of a successful breakout. The next price target stands at $ 520, which represents a 10% price increase.

ETH IOMAP chart

The In / Out of the Money Around Price chart shows virtually no resistance. The most significant support area lies between $ 453 and $ 468. However, there appears to be no opposition up to $ 555.

1 and 4 hour ETH / USD charts

Despite the bullish outlook for Ethereum, the TD sequential indicator presented a sell signal on the hourly chart about two hours ago and another sell signal on the 4 hour chart. Validating these calls could drive Ethereum’s price towards $ 442.