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ETH/USD Survives Reversal, Back Above $50

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD averted a major downside break, as Ether price gained momentum against the US Dollar and Bitcoin in the wake of a better risk environment.

Key Highlights

Ether price just managed to survive a crucial break below $48 against the US Dollar, and moved above $50.
The ETH/USD pair broke a bearish trend line at $50.00 to gain momentum for a move towards $54.00.
Similarly, ETH/BTC gained traction, and popped above 0.050BTC.

Technically, the hourly chart stochastic oscillator has returned to trending higher in the bullish territory.

Ether Price Back Trending Higher

The ETH/USD pair survived losses below $48, and overcame yesterday's bearish development. An improvement in buying sentiment for Ether sparked a rally in both ETH/USD and ETH/BTC.

Ether Price Analysis Chart

ETH/USD traded above $50 and ETH/BTC managed to regain the 0.050BTC handle. In yesterday’s post, we saw a possible break below two major bullish trend lines with support at $50. However, there was no daily close below $50, which resulted in an upside move.

The ETH/USD pair traded higher, and was able to break the 61.8% Fibonacci retracement level of the last decline from the $52 high to $48 low. Also, it surpassed a bearish trend line at $50.00 on the hourly chart.

A new intraday high was formed at $53.71. At the moment, the price is correcting lower, and may head towards the 38.2% Fibonacci retracement level of the last wave up from $48.02 to $53.71 high.

There is also a bullish trend line on the same chart with support at $51.50. So, if the price corrects lower, it might find bids near $51.50. The most important support is now at $50 (daily pivot and psychological level).

Ethereum ETH/USD Forecast

Looking at the 4-hour chart, ETH/USD is attempting to clear a critical resistance near $53.00-$54.00. It won’t be easy to break since the pair has been trapped by a tightening wedge over the past few days.

On the downside, there is a monster trend line at $49.00-$50.00. So, it looks like the pair may soon break the highlighted wedge pattern and make the next move with the overall technical structure as bullish.

Important Resistance Levels

$53.00 and $53.70

Important Support Levels

$51.50 and $50.00

Hourly RSI

The RSI technical has reached 75, which might ignite a minor downside move.

Hourly MACD

The MACD is moving nicely 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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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