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Ether Price Analysis
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ETH/USD Next Leg Higher Underway





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. 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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