Key Highlights
Yesterday’s reversal from the $83.00 support in ETH/USD was encouraging, as the pair gained bullish momentum.
Looking at the 4-hour chart, the pair faces a crucial resistance near $98.00.
The ETH/BTC pair was able to advance, and moved above 0.050BTC.

Technically, the hourly chart indicators are moving away from the overbought levels, signaling a short-term correction.

Ether Price Breakout Levels

In yesterday’s analysis, we saw a significant rejection pattern in ETH/USD on the hourly as well as the 4-hour chart. Both patterns signaled a reversal, and the pair was able to bounce back.

Ether Price Analysis Chart

The upside move was very strong, as the pair broke the 61.8% Fibonacci retracement level of the last decline from the $96.10 high to $82.99 low.

Once there was a break above the $92.00-92.50 resistance, Ether price gained momentum and soared above the $95.00 level. A new weekly high was formed at $97.87 before the price started a short-term correction.

Looking at the hourly chart, the pair has started a downside corrective move and may soon test a key bullish trend line at $93.00. The same area acted as a hurdle for buyers earlier, and now may provide support.

Furthermore, the $93.00 level coincides with the 23.6% Fib retracement level of the last upside from the $82.99 low to $97.87 high. It won’t be easy for ETH/USD to break past $93.00. If it succeeds, the $90.00 swing support may again come into the picture.

Ethereum ETH USD Forecast

The 4-hour chart of ETH/USD points a crucial barrier for further gains at $97.00-98.00. It is basically clearing a major resistance before testing $100.00 and attempting a break above it.

The current H4 candle is super bullish, but it won’t be a cake walk for buyers if they are looking to clear $98.00. In my view, there can be a short-term correction towards $93.00 before Ether makes an attempt to clear $98.00.

Important Resistance Levels

$97.00 and $98.00

Important Support Levels

$93.00 and $90.00

4-hour RSI

The RSI is heading higher and positioned well above the 50 level.

4-hour MACD

The MACD is gaining momentum in the bullish zone.
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

Today ETH/USD Forecast: Ether Consolidating Losses
05-19-2017 ETH/USD Forecast: Ether Buyers Eyeing $120-125?
05-18-2017 ETH/USD Forecast: Can Ether Make It This Time?
05-17-2017 ETH/USD Forecast: Examining False Downside Break
   

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