Key Highlights
After forming a base around $48.00, the ETH/USD pair bounced and traded towards the $50.00 handle.
The pair broke a bearish trend line on the 2-hour chart at $48.20 before gaining momentum.
Ether also gained roughly 2% against Bitcoin, and was seen attempting a close above 0.040BTC.

Technically, the 2-hour moved back in the bullish territory with positive momentum.

Ether Price Next Upside Hurdle?

It was a good day for Ether buyers, as the price gained against both the US Dollar and Bitcoin. The market traded with a positive tone, possibly due to risk on sentiment fueled by the French elections.

Ether Price Technical Analysis Chart

Looking at the 30-min chart of ETH/USD, there was a clear consolidation above a major support area at $48.00. The pair formed a base, and then moved higher.

During the upside move, the pair cleared two bearish trend lines at $48.20 and $48.35. It sparked a rally above the 50% Fibonacci retracement level of the last decline from $48.95 to $48.13.

The pair gained momentum, formed four back to back bullish candles and managed to break the $49.00 resistance. There was even a close above the 1.236 extension of the last decline from $48.95 to $48.13.

A new intraday high was formed at $50.02 where Ether price faced resistance. At the moment, there is a flag pattern formed on the chart with support at $49.20. The price needs to hold the $49.20 flag support in order to prevent a downside break.

If the price fails to hold the $49.20 support, there can be a test of $49.00. The stated level was a resistance earlier, and now coincides the 50% Fibonacci retracement level of the last wave from the $48.13 low to $50.02 high.

Ethereum ETH USD Forecast

On the upside, a break above $50.00 is needed for further gains. If ETH/USD settles above $50.00, it would call for a test of the all important range resistance at $51.00, which is the next upside hurdle.

Looking at the 2-hour chart, the recent bounce from the $48.00 range support looks positive. However, there is a chance of a minor downside push from $50.00 before Ether price moves back higher.

Important Resistance Levels

$50.00 and $51.00

Important Support Levels

$49.20 and $49.00

30-min RSI

The RSI is in the overbought levels, and may move down a few points.

30-min MACD

The MACD is in the bullish zone, but showing signs of exhaustion.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
04-25-2017 ETH/USD Forecast: Ether Stays Below Resistance
04-24-2017 ETH/USD Forecast: Ether Rallies From $48
04-23-2017 ETH/USD Weekly Forecast: Ether Primed For Lift-Off
   

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