As the price of Ethereum’s native digital currency, Ether (ETH), has been showing massive strength recently, the path seems to be continuing toward new highs. Ether price ran from $220 to $445 in the previous five weeks, and this is one of the biggest surges for the altcoin in the past 18 months.

However, as the rally didn’t provide many opportunities for laggards to hop on the train, is $500 the next target for Ether? Let’s examine the technical setup.

_Crypto market daily performance. Source: _Coin360

Ether flips crucial level for support, fueling bullish momentum

As Ether broke through the magical barrier of $340 to $360 as crucial resistance, it was crucial for the bulls to flip this area into a new support zone.

_ETH/USDT 1-day chart. Source: _TradingView

The chart proves this level’s significance, as the $340–$360 zone became support throughout the previous bull market. However, the breakdown in August 2018 led to a two-year accumulation range.

Similarly, a previous test at the $340–$360 range in July 2019 failed to break through this crucial resistance zone. Recently, a renewed breakout led to a breaker, as the chart confirms the support/resistance flip.

Next to that, Ether is rallying above the 100-day and 200-day moving averages, which are crucial for bullish momentum. As long as Ether sustains support above these moving averages, further bullish continuation is likely to expect.

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