ETH/USD Next Leg Higher Underway
|Ether price is back in positive territory against the US Dollar, looking set to extend gains.|
|ETH/USD broke a major resistance area on the 2-hours chart, opening the doors for an upside move.|
|The price action suggests that the price has likely completed a correction wave at $16.25.|
Technically, the 12-hour chart indicators are positioning once again for positive moves.
Ether Price to Retest $19.00?
In yesterday’s post, we discussed a bullish cloud and a nice pattern formation on the 4-hour chart of ETH/USD. The pair was positioned well for an upside move.
The price did move higher and broke the $18.00 handle to position itself for further gains. It was also able to clear the 38.2% Fibonacci retracement level of the last decline from the $20.09 high to $16.26 low.
There was even a push above the $18.60 level, which was a major hurdle for Ether buyers. The end result was such that the price is now trading above the 61.8% Fibonacci retracement level of the last decline from the $20.09 high to $16.26 low.
The 2-hour chart of ETH/USD highlights a bullish structure with a trend line support near $18.50. While initially serving as a resistance, the stated level may now act as a support if the price corrects lower.
The next hurdle on the upside is the last swing high at $20.09. Since, the price is above the $18.50-18.60 resistance area, there is a chance of Ether price withstanding the $20.00 resistance.
The 12-hour chart points a nice comeback after the price declined towards $16.20. It has now formed a descending channel at the moment with resistance just below $20.00.
The current 12-hour candle is super bullish, suggesting that the price is likely to continue higher. On the downside, the $18.50 is an initial support, followed by the $18.00 mark.
Overall, the price is now back in the bullish trend with positive signs on the 2-hour and 12-hour charts.