ETH/USD Burst Higher, Eyes $20
|There was a sharp rise in Ether price against both the US Dollar and Bitcoin.|
|The ETH/USD pair broke the $16.00 resistance area, and rocketed above the $18.00 level.|
|The trend is super bullish, suggesting further gains in both ETH/USD and ETH/BTC.|
Technically, the indicators are all over the place and pointing extreme overbought conditions.
Ether Price Bullish Breakout Poised To Extend
It looks like Ether is having an impressive run, as the price soared by more than 13% during the past 12 hours against the US dollar and Bitcoin.
The ETH/USD pair was able to clear the $16.00 resistance earlier, which resulted in an increase in buying interest. The pair took out many hurdles on the way up like $17.00 and $18.00, and traded as high as $18.24.
The ETH/BTC pair also enjoyed decent gains and was seen trading above the 0.0140BTC mark, and looks poised for a move towards 0.0150BTC.
Looking at the 30-min chart of ETH/USD, the current upside drift is clear, as there were back to back bullish candles. Earlier, there was a minor consolidation above the $17.00 level before the price broke the $18.00 handle.
The same area around $17.20-17.40 might now act as a support if the price corrects lower. There is also a bullish trend line positioned around the same area along with the 23.6% Fibonacci retracement level of the recent ride from the $15.50 low to $18.24 high.
The 4-hour chart of ETH/USD points how a break above $16.00 was important. Once the price moved past the stated barrier, it cleared the $17.00 level.
In my view, the current trend is supportive of more gains in ETH/USD. The pair might be looking for a rise towards the all-important $20 barrier. The next couple of sessions would be crucial with supports on the downside at $17.20 and $17.00.