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Ether Price Winning Streak Continues

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price soared by more than 25% against the US Dollar and Bitcoin. ETH/USD is currently correcting, but remains well into the bullish trend.

Key Highlights

There was another bullish wave in Ether price against the US Dollar and Bitcoin.
The ETH/USD pair was able to trade above the $30 handle, which was a strong uptrend signal.
ETH/BTC also jumped higher and broke the 0.022BTC resistance for a move above 0.0230BTC.

Technically, the 4-hour chart indicators are now retreating from the overbought territory.

Ether Price to Keep Rising

Ether’s winning streak continued during the past 24 hours, as it gained by more than 10% against the US Dollar. The ETH/USD pair was also able to surpass a monster hurdle at $30, setting yet another all-time high at $30.64.

Ether Price Chart Analysis

The ETH/USD pair after trading as high as $30.64 started a correction, and moved below the $30 handle. However, it found support near a technical area at $26. There is a bullish trend line on the hourly chart positioned near the stated level.

Also, the $26 area coincided with the 38.2% Fib retracement level of the last wave from the $22.5 low to $30.64 high. It already bounced a couple of times from the trend line support, and it may continue to provide support.

If there is a break below the trend line support at $26.50, there can be a move towards the next bullish trend line positioned at $25.20. It is also just above the 50% Fib retracement level of the last wave from the $22.5 low to $30.64 high.

There is a minor toppish pattern formed near $30.50, which might provide a couple of correction waves. The 4-hour chart pattern also highlights the same.

Ethereum ETH/USD Forecast

There is a minor top pattern forming above $30, but there is also a bullish trend line positioned on the downside waiting to act as a barrier if the price moves down.

The price may continue to fluctuate, but remains supported for more gains as long as it is above $25.

Important Resistance Levels

$29.40 and $30.50

Important Support Levels

$26.00 and $25.00

Hourly RSI

The RSI technical is above the 50 level, and suggesting bullish signs.

Hourly MACD

The MACD is in the bullish zone, but losing 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

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.