ETH/USD Forecast: Perfect Dip And Bounce
|There was a minor dip in ETH/USD yesterday before the pair resumed its uptrend.|
|The upside move was strong, as Ether price was able to move past $70.00 against the US Dollar.|
|The ETH/BTC pair also enjoyed more than 10% gains and was seen trading above 0.052BTC.|
Technically, the hourly chart indicators are once again around the same position, as they were yesterday.
Ether Price Remains Supported on Dips
Yesterday, we saw a 5-wave rising pattern in ETH/USD completing near $68.21. A counter dip looked to form around $65.00 or $64.00 before the pair moved higher once again.
Ether surpassed the $70.00 mark, setting a new all-time high at $71.61. Clearly in major bullish territory, the currency will look to continue gains in the near term.
Let’s start with the hourly chart of ETH/USD. The pair dipped yesterday towards $62.00, acting as a strong support area, representing the 38.2% Fibonacci retracement level of the last wave from the $54.00 low to $68.00 high.
A strong buying interest emerged around $62.00, igniting yet another upside move. The price moved higher, breaking the last swing high at $68.21 and clearing $70.00 to trade as high as $71.61.
At the moment, ETH/USD is facing offers above $71.00 and may enter a correction wave. There are a couple of bullish trend lines being formed with support at $66.00 and $65.00. An initial support is at $68.00, which also around with the 38.2% Fibonacci retracement level of the last wave from the $61.86 low to $71.61 high.
It looks like the pair may continue to correct lower towards $68.00 or even $66.00 where it could find support.
The 4-hour chart of ETH/USD is currently showing no sign of a top, which means the bullish trend is intact.