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Ether Price Analysis
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ETH/USD Forecast: Prepare For Crucial Break





Ether is rapidly reaching towards a crucial upside break against the US Dollar, as the ETH/USD pair was able to retain the bullish bias.

Key Highlights

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.

Ether Price Technical Analysis Chart

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.

Ethereum ETH/USD Forecast

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.

Important Resistance Levels

$51.00 and $52.60

Important Support Levels

$50.60 and $50.00

Hourly RSI

The RSI technical is reaching the 70 level, but with no signs of a pullback.

Hourly MACD

The MACD is moving heavily 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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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