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.
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.
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.