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Ether Price Analysis
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ETH/USD Breaks $40, Can Buyers Attempt $50?





The current bullish ride in Ether price may extend further against the US Dollar, as ETH/USD now eyes a move towards the $50 handle.

Key Highlights

Ether price once again surged higher and moved above the last high of $30.64 to form another high at $42.54.
The ETH/USD pair easily broke the $40 level and now looks poised to move past $50.
ETH/BTC also busted higher and moved above the 0.0320BTC resistance.

Technically, the 4-hour chart indicators are extending their moves in the bullish territory ignoring overbought conditions.

Ether Price Resumes Upside Surge

During the past 3-4 sessions, Ether price mostly traded with a solid bullish trend, and moved past many hurdles against both the US Dollar and Bitcoin.

Ether Price Analysis Chart

ETH/USD enjoyed incredible gains and soared by more than 25% during the past 24 hours. It first broke the last swing high of $30.64, then cleared the $32 level. The most important move was above $40. It was an easy break, and the price was able to set another new all-time high at $42.54.

ETH/BTC also enjoyed decent gains, and was seen trading higher by more than 15%. It first broke 0.030BTC and then climbed above 0.033BTC.

Looking at the hourly chart of ETH/USD, it is clear that the buyers have an upper hand at the moment. The price just retreated from the $42.54 high in order to correct lower towards $40.

The correction seems to be over, as the price almost tested the 23.6% Fib retracement level of the last wave from the $33 low to $42.54 high. It means the price may soon resume the bullish trend, and could trade above the recent high of $42.54.

Ethereum ETH/USD Forecast

The main question is can the price attempt a move towards $50? Well, I would say it’s not impossible. With the current bullish trend, anything is possible at the moment.

The 4-hour chart also suggests that the price is in a major uptrend, and might continue to trade higher. As long as the highlighted bullish trend line near $32 is intact, there can be continuing gains in Ether price.

Important Resistance Levels

$42.54 and $50.00

Important Support Levels

$40.00 and $32.00

4-hour RSI

The RSI technical is completely ignoring the overbought levels.

4-hour MACD

The MACD is extending its bullish zone with a lot of positive signs.

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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