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ETH/USD Keeps Pushing Higher, $85.00 On Radar

By

Aayush

Jindal

Guest AnalystETHNews.com

Ethers’ steep bullish motion is simply unbeatable against the US Dollar and Bitcoin, calling for further gains in ETH/USD and ETH/BTC.

Key Highlights

The ETH/USD pair extended its recent upside drift and broke yet another important resistance at $80.00.
The hourly chart is signaling a consolidation around $80.00 with resistance on the upside near $82.80.
The ETH/BTC pair was aggressive, as stops above 0.055BTC triggered further rallies.

Technically, the 6-hour chart indicators are not willing to give up extreme conditions in the bullish territory.

Ether Price Opens Green

The buying pressure around Ether stays unabated at the start of the week against the US Dollar and Bitcoin. Both pairs gained more than 10% during the past 2-3 sessions, and looking to extend it further.

Ether Price Technical Analysis Chart

The ETH/USD pair gained heavy bids and moved above the last swing high at $71.61 to trade above $80.00. Earlier, there was a minor correction towards the 23.6% Fibonacci retracement level of the last wave from the $60.45 low to $71.61 high.

Later, the pair formed support and jumped above the $71.61 swing high to complete consolidation, and moved above yet another milestone level at $80.00.

A new, market average, all-time high was formed at $82.82. At the moment, the price is once again correcting lower or we can say consolidating gains.

There is a bullish trend line on the hourly chart at $80.50, acting as a support. Moreover, there is a major pivot formed at $78.00, which can be considered as a key support if the price moves down in the near term.

The $78.00 support also coincides with the 23.6% Fibonacci retracement level of the last wave from the $72.00 low to $82.80 high.

Ethereum ETH USD Forecast

When we look at the 6-hour chart of ETH/USD, there is a clear monster bullish trend visible with many back to back bullish candles. There is a crucial support formed around a bullish trend line at $72.00. It can be measured as a major pivot for the current trend.

Overall, Ether price looks irresistible at the moment and may continue to rise in the near term.

Important Resistance Levels

$82.80 and $85.00

Important Support Levels

$78.00 and $72.00

6-hour RSI

The RSI keeps pushing higher towards the overbought levels.

6-hour MACD

The MACD is well into the bullish zone with no major sign of a correction.

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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