ETH/USD Rallies On Ether-Based ETF Proposal
|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.
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.
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.