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Ether Price Analysis
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ETH/USD Rallies On Ether-Based ETF Proposal





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. 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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