ETH/USD Forecast: Prepare For Crucial Break
|The ETH/USD pair made gains due to bullish momentum, and settled above the $50.00 handle.|
|The pair is currently trading just around the all-important $51.00 resistance, and looking to break it.|
|The ETH/BTC pair also gained traction overnight and traded higher by roughly 2.5%.|
Technically, the hourly chart indicators are extending moves in the bullish territory.
Ether Price to Break $51 Soon?
Yesterday, we analyzed how Ether price was forming a base against the US Dollar and Bitcoin. It looks like it managed to build on the recent bullish momentum to continue further gains.
After breaking the $50.00 hurdle, the ETH/USD pair still struggled to clear the all-important $51.00 resistance. There were few attempts, but no success as of yet.
The current momentum and bias are very bullish, making the $51.00 target a real possibility.
The hourly chart of ETH/USD clearly highlights the significance of that $51.00 resistance. A possible break could signal a run towards $54.00.
Also, there is a chance of a test of the 1.236 extension of the last drop from the $50.92 high to $41.12 low. On the downside, there is a bullish trend line with support at $50.60 formed on the same chart. In case there is a dip, the price may find support near $50.60.
The 4-hour chart also points a similar picture to the hourly chart. There is a clear major barrier at $51.00, preventing further upsides. On the downside, there are two bullish trend lines with support at $48.00 and $45.00 respectively.
In my view, there is a great chance of ETH/USD breaking higher above $51.00. Even if a dip materializes, the pair remains supported.