Key Highlights
Ether price bounced from the $40 support against the US Dollar to trade above $45.
The ETH/USD pair broke a couple of crucial levels of resistance on the 2-hour chart at $42.5 to open the doors for more gains.
The ETH/BTC pair also posted healthy gains and moved above the 0.044BTC resistance.

Technically, the 2-hour chart indicators are extending moves in the bullish territory.

Can Ether Price Settle Above $46?

Yesterday, we saw how the price was well supported on the downside near $40 and $38 against the US Dollar. It later completed a 3-wave pattern, igniting an upside move above the $43 resistance.

Ether Price Analysis Chart

The ETH/USD pair not only tested the $43 resistance, but also managed to break it. A new weekly high was formed above $46, and the pair looks poised to extend upsides.

The momentum was clearly with Ether price, as it traded with a positive bias against Bitcoin as well. ETH/BTC was back above the 0.040BTC resistance, and traded towards 0.0450BTC.

Looking at the 30-min chart of ETH/USD, the pair is clearly trading with a strong bullish bias. There are two support trend lines positioned on the downside near $43 and $41. Moreover, the broken resistance near $42.5 might now act as a support if the price moves down.

Moving on to the 2-hour chart, ETH/USD cleared two major bearish trend lines near $42.5, sparking an increase in buying interest. As a result, the pair moved above $45, and looks to settle above the $45.46 resistance area.

At the moment, the pair is attempting a break above the 76.4% Fibonacci retracement level of the last drop from the $48.40 high to $31.26 low.

Ethereum ETH/USD Forecast

If the pair succeeds in clearing the stated Fibonacci level, there is a chance of Ether price retesting $48.40. On the downside, the $43-42.5 area can now be considered as a base for buyers.

As long as the price is above the mentioned base, the price might continue to gain momentum for a move towards $48 or $50.

Important Resistance Levels

$46.00 and $48.40

Important Support Levels

$43.00 and $42.00

2-hour RSI

The RSI technical is moving higher and well above the 50 level.

2-hour MACD

The MACD is back with momentum in the bullish zone.
Disclaimer:
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.

Ether Technical Analysis

Today ETH/USD Extends Gradual Comeback
03-23-2017 ETH/USD Forecast: Indecision Time For Ether
03-22-2017 ETH/USD Could Extend Weakness Below $40
03-21-2017 ETH/USD Forecast: Struggling To Gain Momentum
   

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