Key Highlights
There was a continuation of bullish trend, as Ether price broke the $50 resistance against the US Dollar.
According to the market average, the ETH/USD pair traded to a new high at $59.29.
ETH/BTC outperformed other Ether pairs and traded above the 0.050BTC resistance.

Technically, the hourly chart indicators moved into the overbought territory.

Ether Price Bullish Bias Intact

In yesterday’s analysis, I mentioned that Ether price might continue to gain momentum for a move towards $48 or $50 against the US Dollar. It not only tested the $50 level, but also managed to settle above it.

Ether Price Analysis Chart

According to the market average, the price traded as high as $59.29, which is a new all-time high. However, it mostly traded close to the $55 level, which is near the last swing high. In short, the last high around $55 was tested before the price retreated.

No doubt, there was a sharp increase in buying interest, as Ether price surged higher versus Bitcoin as well. The latter one kept falling, and ETH kept rising, resulting in a solid rise in ETH/BTC. The pair traded above the 0.050BTC, and tested the 0.056BTC level.

Looking at the hourly chart of ETH/USD, the pair managed to successfully close above the $50 resistance area. There are now two bullish trend lines formed on the downside with support at $50.50 and $46.

So, if the price moves down, it could face bids on the downside. On the upside, a close above $55 might call for a test of $60. However, a minor dip or a correction in ETH/USD cannot be discarded before the pair resumes its trend.

Ethereum ETH/USD Forecast

The 4-hour chart points an important break above the $45 level. The mentioned level acted as a hurdle on many occasions, so a close above it is crucial. If the pair corrects lower, then the same level may now act as a major support zone in the near term.

Overall, Ether’s price is in a nice bullish trend, and might continue to gain traction going forward.

Important Resistance Levels

$54.00 and $55.00

Important Support Levels

$50.00 and $48.00

4-hour RSI

The RSI technical is heading towards the overbought levels.

4-hour MACD

The MACD is moving higher 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

08-17-2017 ETH/USD Forecast: About to Explode?
03-26-2017 ETH/USD Weekly Forecast: Ether In Clear Uptrend
03-25-2017 ETH/USD Jumps Above $50, More Gains Likely
03-24-2017 ETH/USD Extends Gradual Comeback
   

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