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.
Disclaimer:
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.

Ether Technical Analysis

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