ETH/USD: Ether Price Rally Looks Real
|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.
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.
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.