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Can ETH/USD Buyers Keep The Rally Going?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s strength is clear across the board, but the ETH/USD pair found some resistance around $20.60, which is protecting further gains at the moment.

Key Highlights

After trading as high as $20.62, Ether price started a short-term correction against the US Dollar.
The ETH/USD pair likely completed a correction wave, and might retest the $20.20-20.60 resistance zone.
There is an overlapping bearish candle formed on the 6-hour chart of ETH/USD, suggesting the importance of $20.60.

Technically, the hourly chart indicators are now back in the bullish zone after a dip.

Ether Price to Resume Bullish Trend?

Yesterday’s high at $20.62 produced a correction in ETH/USD. The pair traded in a range above $20.00 for some time, and attempted twice to break the stated level, but failed.

Ether Price Analysis Chart

As a result, Ether price moved down and broke the $20.00 handle. Moreover, there was a break below a connecting bullish trend line at $19.90. The price extended the correction, and traded close to the 38.2% Fibonacci retracement level of the last wave from the $15.50 low to $20.62 high.

Later, the ETH/USD pair found support near $18.30 and started moving higher. It is currently heading towards the $20.00 handle, which may once again act as a resistance area. Additionally, there is a clear resistance formed around $20.20-20.60 (congestion zone).

So, it won’t be easy for Ether buyers to push the price above $20.60.  In my opinion, we may witness a three wave correction pattern. In this case, the price might not break the recent high of $20.62 in the current wave.

The third wave could be another dip towards $18.80 before the correction pattern completes. When we look at the 6-hour chart, there is an overlapping bearish candle formed, which is a minor bearish signal.

Ethereum ETH/USD Forecast

It is a sign that the price faced substantial offers near $20.20-20.60. So, it won’t be easy for the price to surpass it. On the downside, there is a major connecting bullish trend line with support at $17.80.

Overall, ETH/USD remains supported for further gains, but a couple of correction waves cannot be discarded going forward.

Important Resistance Levels

$20.20 and $20.60

Important Support Levels

$19.40 and $19.00

Hourly RSI

The RSI technical indicator recovered from the 55 level, and heading north.

Hourly MACD

The MACD is moving back in the bullish zone with a minor 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

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