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ETH/USD Buyers In Charge; $60.00 Next?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is unstoppable at the moment, and it looks like both ETH/USD and ETH/BTC may continue to rise in the near term.

Key Highlights

Ether was bought aggressively during the past couple sessions, and prices soared against the US Dollar and Bitcoin.
A new all-time high is formed in ETH/USD, as the pair moved past $58.00.
The ETH/BTC pair also gained momentum, and moved above the 0.044BTC level.

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.

Ether Price Technical Analysis Chart

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.

Ethereum ETH USD Forecast

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.

Important Resistance Levels

$60.00 and $62.00

Important Support Levels

$57.00 and $56.00

2-hour RSI

The RSI is heading towards the overbought levels.

2-hour MACD

The MACD is currently super bullish with no sign of a pullback.

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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