Ether Price Soars; Sets Eyes on $50
|The ETH/USD pair has rallied off key support at $41.00, suggesting a short-term base formation.|
|Two bearish trend lines with resistances at $44.10 and $45.00 on the 6-hour chart were cleared to open the doors for an upside move.|
|The ETH/BTC pair also managed to break the 0.037BTC resistance for a move above 0.040BTC.|
Technically, the 6-hour chart indicators are now in the bullish territory, and might extend moves.
ETH/USD Targets $50?
In yesterday’s analysis, we concluded that a succesful break above $45.00, may shift bullish focus to a sustained buying interest beyond $45.00, driving the pair to surpass the $47.00 horizontal resistance.
The pair broke upside and cleared both the $45.00 and the $47.00 resistance levels to register more than 10% intraday gains. Similarly, Ether price gained bullish momentum against Bitcoin and traded past 0.037BTC to close above 0.040BTC.
It looks like Ether buyers are back in town, and may attempt to push the price further higher.
The ETH/USD pair has even cleared the 50% Fibonacci retracement level of the last decline from the $54.00 high to $41.10 low. It is a positive sign, suggesting more gains in the near term.
At the moment, the pair is attempting a move above the 61.8% Fibonacci retracement level of the last decline from the $54.00 high to $41.10 low, which is just around $49.00. If it succeeds in breaking the stated level, there could be an attempt to move towards the next major hurdle at $50.00-51.00.
When we look at the 2-hour chart of ETH/USD, there is a clear close above $45.60 resistance. Going forward, if the pair moves down, it may find support near the same level.
In my view, the recent upside move is a good sign, and suggests that Ether’s price may have formed a short-term base against the US Dollar.