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ETH/USD Next Leg Higher Underway

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether buyers are back with full force, resulting in a nice bullish trend after ETH/USD completed a correction.

Key Highlights

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.

Ether Price Chart Analysis

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.

Ethereum ETH/USD Forecast

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.

Important Resistance Levels

$19.80 and $20.00

Important Support Levels

$18.50 and $18.00

2-hour RSI

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

2-hour MACD

The MACD is moving nicely in the bullish zone with positive momentum.

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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