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.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
05-02-2017 ETH/USD Forecast: Here Is Why $72.00-70.00 Is Important
05-01-2017 ETH/USD Keeps Pushing Higher, $85.00 On Radar
04-30-2017 ETH/USD Weekly Forecast: Is $100 Feasible?
   

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