Key Highlights
The $18.20 level acted as a support one more time, and pushed the ETH/USD pair higher.
Ether price is now back above the $19.10 resistance and looking to extend gains.
On the upside, the $20.00 handle remains a major resistance, which is likely to dent the current momentum.

Technically, the hourly indicators are supportive of further upsides in the near term.

Can ETH/USD Break $20 Again?

Ether closed on Sunday on a positive note against the US Dollar and Bitcoin. There was another attempt to break the $18.20 and $18.00 support area in ETH/USD recently, but sellers failed to gain pace.

Ether Price Analysis Chart

As a result, the pair started moving higher once again, and currently trading above the $19.10 support area. Before the price started recovering, it completed the last wave of the three-wave pattern on the hourly chart at $18.11.

The chart highlights the importance of the $18.20-18.10 support area. There were 2-3 rejections, which means the price is forming a consolidation base above $18.00. It is already moving higher, and following an ascending channel pattern.

The price is currently above the 50% Fibonacci retracement level of the last decline from the $19.94 high to $18.11 low, which is a positive sign. So, the price may continue to move higher.

The most important resistance is near the $20.00 psychological level. It might once again play a critical role. If the price fails to settle above $20.00, it could give sellers a reason to attempt a downside ride.

An initial support on the downside is near the channel lower trend line at $19.00. A break below it could expose another test of $18.20.

Ethereum ETH/USD Forecast

Looking at the 4-hour chart, it is clear that Ether price is forming a support base above $18.00. So, the upside move might continue in the near term towards $20.00.

In my view, the last three-wave pattern was not a perfect formation, which means the price could extend the correction and may form a five-wave correction pattern with support near $18.00.

Important Resistance Levels

$20.00 and $20.60

Important Support Levels

$18.20 and $18.00

Hourly RSI

The RSI technical indicator is above the 50 level, and heading north.

Hourly MACD

The MACD is currently moving higher in the bullish zone.
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

Today ETH/USD Forecast: Consolidating Above $200
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03-05-2017 ETH/USD Weekly Forecast: Is This “The” Correction?
   

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