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.
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.
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.