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ETH/USD Rallies On Ether-Based ETF Proposal

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether made gains against the US Dollar and Bitcoin, resulting in a clear break above the $51.00 resistance in the ETH/USD pair.

Key Highlights

Ethereum's community cheered talks of Ether-based ETF consideration by the Securities and Exchange Commission.
Ether price moved higher, and broke an important resistance at $51.00 against the US Dollar.
A daily close above $51.00 in ETH/USD would mean a successful break and further upsides.

Technically, the 30-min chart indicators are super bullish and could extend gains.

Ether Price Perfect Upside Break

There was start of a fresh rally in Ether price versus the US Dollar and Bitcoin. The ETH/USD pair was more aggressive, and traded above a few important resistance levels like $50.00 and $51.00.

Ether Price Technical Analysis Chart

One of the main reasons for the rally was improvement in the market sentiment. Traders are weighing in chances of Ether-based ETF approval by the SEC.

The 30-min chart of ETH/USD clearly suggest a monster rally. The pair broke the $50.50 resistance area, and traded higher by roughly 5%. There was also a clear break above the highlighted range resistance, bringing an end to consolidation phase.

The 2-hour chart of ETH/USD clearly suggests how the pair got traction and moved higher. The next major hurdle on the upside is around $54.00, which is a monthly pivot point.

We need to see whether there can be a daily close above $51.00, as it could be a signal for further upsides in Ether price in the near term.

Ethereum ETH USD Forecast Chart

If a correction from the $53.00 handle takes place, the broken resistance at $51.00 may now provide support and hold losses.

Overall, there are a lot of bullish signs for ETH/USD, calling for sustained gains for a couple of sessions.

Important Resistance Levels

$53.00 and $54.00

Important Support Levels

$51.00 and $50.00

2-hour RSI

The RSI is heading higher and about to reach overbought levels.

2-hour MACD

The MACD moved sharply in the bullish zone with a positive bias.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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