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.
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.
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.