Technically, the 2-hour chart indicators are pointing extremely overbought conditions.
Ether Price to Test $60 versus US Dollar?
Yesterday, we witnessed a monster break above the $51.00 resistance in the ETH/USD pair, opening the doors for sustained gains for a couple of sessions.
The pair gained heavy bids intraday and continued to move higher. A new all-time high was formed above $58.00. Similarly, the ETH/BTC pair also surged higher and broke the 0.041BTC resistance for a move towards 0.045BTC.
Ether price surge seems unstoppable at the moment, and there can be further gains in the near term. The next major stop in ETH/USD could be near $60.00, which is a psychological level.
Looking at the 30-min chart, there is a minor top in place around $58.10, but that does not mean we can witness any major decline. There can be a slight pullback towards $57.50 or $57.00.
There was a rising channel pattern on the chart, which was recently broken. The same channel’s upper trend line may act as a support if the pair dips from the current levels.
The most important intraday support could be near $56.00, also representing the 38.2% Fibonacci retracement level of the last ride from the $53.00 low to $58.00 high.
The 2-hour chart of ETH/USD highlights a massive bullish candle from the $53.00 swing low. It clearly means the pair is under a lot of buying pressure, and may continue to rush higher.
I suspect a possible consolidation phase near the $60.00-62.00 level before the price makes the next call in the near term.