Ethereum might not stay under 500 USD for long

Ethereum holds critical support zone near the $ 460 level against the US dollar. The ETH price seems to be laying the foundation for the next step, and it could soar to over $ 500 in the near future. Ethereum is currently consolidating above the $ 380 and $ 385 support levels. The price is likely to hit hurdles near $ 395, $ 400 and the 100-hour simple moving average. A major contracting triangle is forming on the hourly graph of ETH / USD (data feed via Kraken) with resistance near $ 395. The pair could start a sharp rise once it breaks the $ 395 and $ 400 resistance levels. Ethereum traded as low as $ 379 and recently began correcting losses against the US dollar. ETH rebounded above $ 385 and it appears the price is providing reasonable support above $ 380. There was a breakout above the $ 390 level and the 23.6% Fib retracement level of the downward move from the $ 20 high to the $ 379 low. Additionally, the price of ether was able to climb above a major bearish trendline, with resistance near $ 390 on the hourly chart. The price is currently facing strong resistance near the $ 395 level. On the same chart of ETH / USD, a major contracting triangle is forming with resistance near the $ 395 level. The next major resistance is near the $ 400 mark and the 100-hour simple moving average.