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

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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