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Ether Price Analysis
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Ether Price Poised To Keep Advancing





The ETH/USD pair maintains the positive momentum seen this past week, and Ether price might look to regain $20.00.

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.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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