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ETH/USD: Ether In Driver’s Seat Vs Dollar

By

Aayush

Jindal

Guest AnalystETHNews.com

There was no stopping the Ether, as ETH/USD climbed to a new high for 2017. More upsides are on the cards if the current trend remains intact.

Key Highlights

An upside surge in ETH/USD took Ether price above $14.30 mark against the US Dollar.
A new high for 2017 was formed at $14.63.
The price remains in an uptrend with supports on the downside near $14.00 and $13.80.

Technically, the hourly indicators are correcting from the overbought levels, but remain in the bullish territory.

Ether Price Bullish Trend

In the weekly analysis, we examined bullish moves in Ether price against the US Dollar. There were continuous gains in ETH/USD, as the pair started the week higher and moved past $14.00.

Ethereum ETH/USD Forecast

Ether eclipsed the $14.30 mark (21st September 2016 high), pushing the price to a new 2017 high at $14.63. The move itself suggests that the price is in a bullish trend, and may continue to gain momentum.

The momentum was such that Ether price also managed to outpace Bitcoin. The ETH/BTC pair climbed back above 0.0122BTC, and was seen trading higher.

Looking at the daily chart of ETH/USD, there is a clear break of a couple of crucial resistance points near $13.80 and $14.30. The last two candles suggests that the upside is not over yet, and the pair might accelerate further above $14.63.

On the downside, there are a few bullish trend lines, which could provide support if the pair corrects lower. Let us drop down to the hourly chart of ETH/USD to analyze the current move.

Ether Price Analysis Chart

The recent high at $14.63 is producing a short-term correction in ETH/USD. There is a possibility that the pair may correct towards $14.00, representing the 23.6% Fibonacci retracement level of the last wave from the $12.80 low to $14.63.

There is also a connecting bullish trend line positioning around $14.00 and $13.90. So, it looks like any major setbacks near the trend line or $14.00 might find support.

On the upside, a break above $14.60 could set the mood for a move towards $15.00.

Important Resistance Levels

$14.60 and $15.00

Important Support Levels

$14.00 and $13.80

Daily RSI

The RSI technical indicator is heading towards the overbought levels.

Daily MACD

The MACD is placed well in the bullish zone, and extending moves.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.