ETH/USD Attempts To Reclaim Uptrend
|A weaker US Dollar helped Ether to bounce back after forming a new weekly low at $41.12 against the US Dollar.|
|During the upside move, the ETH/USD pair was able to move above a major resistance trend line at $45.00.|
|ETH/BTC also managed to crawl up and traded above the 0.040BTC resistance.|
Technically, the 2-hour chart indicators are now moving nicely in the bullish territory.
Ether Price Pointing Initial Reversal Signal
Yesterday, we saw a decline in ETH/USD before it found support at $41.12. Later, it found strength for an upside move, resulting in a push above the $45.00 resistance.
Ether was seen trading with a positive bias this Wednesday, as both ETH/USD and ETH/BTC pairs gained momentum for an upside move.
There was a break above a bearish trend line at $44.10 on the 30-min chart of ETH/USD, igniting a rally. The price rocketed past the 50% Fibonacci retracement level of the last decline from the $47.43 high to $41.12 low.
The upside move was such that the price almost tested the last swing high of $47.40, which acted as a resistance. At the moment, the price is struggling to move past $47.50-48.00. As a result, there is a chance of a dip before it finds support again.
On the downside, there is a bullish trend line with support at $45 formed on the same chart. It also represents the 23.6% Fib retracement level of the last wave from the $41.12 low to $47.26 high.
It looks like there are chances of ETH/USD attempting further upsides. However, the 4-hour chart suggests that there is a major hurdle waiting on the upside near $48.00-49.00 in the form of a bearish trend line.
The price overcame one bearish trend line and now heading towards the second one at $49.00. If Ether price has to reclaim uptrend, it must close above the highlighted trend line resistance at $48.00-49.00.