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.
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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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