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ETH/USD Breaks $20, New All-Time High On Cards?

By

Aayush

Jindal

Guest AnalystETHNews.com

The recent short covering in ETH/USD was amazing, as Ether price surpassed $20.00 against the US Dollar, and eyes further upsides.

Key Highlights

The Ether continued its recent winning streak and rose above a crucial resistance at $20.00 against the US Dollar.
It also gained heavy bids against the Bitcoin, as ETH/BTC surpassed the 0.0150BTC resistance.
It looks like the ETH/USD pair is now eyeing a new all-time high above $21.30.

Technically, the 4-hour chart has formed a RSI divergence, which is a slight negative sign in the current bullish trend.

Ether Price Extends Recent Rise

The impressive bullish trend for Ether price got further strength against most of its major peers like the US Dollar and Bitcoin. The best part was ETH/USD moving above the $20.00 level, which was a major barrier. The ETH/BTC pair also enjoyed decent gains and settled above the 0.0150BTC resistance.

Ether Price Analysis Chart

A clear break of $20.00 in ETH/USD was pretty easy, suggesting that the current trend is real, and Ether price gains are here to stay. Looking at the 30-min chart, there is a monster ascending channel pattern formed with resistance near $20.80.

On the downside, the channel support is at $20.00, which is a physiological level. It also represents the 50% Fibonacci retracement level of the last wave from the $19.40 low to the recent high of $20.62.

As long as the price is in the ascending channel, it may continue to rise. So, what can be the next major hurdle for Ether price? I would say the all-time high of $21.30. There is a high chance of the price extending current gains and testing the mentioned level.

Furthermore, if the current momentum stays, there is a possibility of ETH/USD forming a new all-time high above $21.30.

Ethereum ETH/USD Forecast

The 4-hour chart highlights the current bullish trend with more than 6 back to back bullish candles. From the technical perspective, in a perfect bullish trend, there can be 10 back to back bullish candles. So, we can see more upsides before there is a substantial correction in Ether price.

Important Resistance Levels

$20.80 and $21.30

Important Support Levels

$20.00 and $19.80

4-hour RSI

The RSI technical indicator is well in the overbought levels, but with no sign of a correction.

4-hour MACD

The MACD is extending the slope in the bullish zone with positive bias.

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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