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ETH/USD Extends Gradual Comeback

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD remained above the $40 support, and now Ether price looks to extend gains above $45 against the US Dollar.

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.

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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