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ETH/USD: Ether Price Rally Looks Real

By

Aayush

Jindal

Guest AnalystETHNews.com

Love for the Ether increased overnight, as the ETH/USD pair jumped to a new high, and remains poised for further gains.

Key Highlights

The ETH/USD pair held the bullish trend, and traded to a new 6-month high at $16.00.
The recent upside move in Ether price is attracting more and more investors.
At the moment, the price is consolidating gains below $16.00, and preparing for the next move.

Technically, the 4-hour chart indicators are reaching extreme overbought conditions, but still there is no major sign of a pullback.

Ether Price Major Breakout above $15.00

The Ether rallied further against the US Dollar and Bitcoin, and there was no major correction during the past 2-3 sessions. It looks like investors are attracted to the current rally, which is helping the price to remain in the bullish trend.

Ethereum ETH/USD Forecast

The ETH/USD held the $14.00 support area yesterday, and broke the $14.63 high to set the pace for further gains. It not only broke the $15.00, but also managed to challenge the $16.00 handle.

It was a perfect upside drift, and was an easy ride to a new 6-month high. Looking at the 4-hour chart, there was a clear three outside up bullish pattern before the pair tested the $16.00 handle, where it found resistance.

Generally, after a three outside up pattern, there is a minor correction before the trend resumes. The last 3 candles also suggest that the price is running out of steam, and we can see a minor dip.

Remember, it can be just a correction, and not a trend change for ETH/USD. There was a resistance trend line broken at $15.20 on the 4-hour chart, which could now act as a support on the downside.

Once the price completes a correction towards $15.50 or $15.20, it might attempt a retest of $16.00 where the Ether sellers could be challenged once again.

Ether Price Analysis Chart

The hourly chart of ETH/USD has a tiny bearish trend line, which is currently acting as a resistance near $15.80. It might produce a dip towards the bullish trend line on the downside.

Overall, the price remains supported near $15.20 on the downside for another upside push.

Important Resistance Levels

$15.90 and $16.00

Important Support Levels

$15.20 and $15.00

Hourly RSI

The RSI technical indicator is in the extreme overbought levels, and slowly moving down.

Hourly MACD

The MACD extended moves in the bullish zone with a divergence.

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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