Key Highlights
The ETH/USD pair rocketed higher and moved above yesterday’s target of $125.00.
The 2-hour chart is not showing any sign of trend exhaustion, suggesting more upsides in the near term.
The ETH/BTC pair gained traction and was able to move above 0.060BTC.

Technically, the 2-hour chart indicators are reaching overbought levels, but with no sign of a major correction.

Ether Price Forms New All-time High

Ether ran up sharply and broke many important resistance levels against both majors – US Dollar and Bitcoin. ETH/USD surpassed $118.00 and traded above the $130.00 level to complete a solid bullish wave structure.

Ether Price Analysis Chart

Similarly, the ETH/BTC pair rocketed higher and was able to form a new all-time high above 0.062BTC, overcoming the possibility of a divergence formation.

Yesterday, we saw a three-wave pattern in ETH/USD. As the second leg was completed, a third leg pushed above $130, setting a new all-time high at $134.13.

The pair is currently correcting lower, facing offers near $126.00. It already broke a major bullish trend line at $130.00, signaling the start of a short-term correction.

It may soon test an initial support at $122.00, which is also near the 23.6% Fibonacci retracement level of the last wave from the $108.00 swing low to $134.00 high.

The next supports on the downside are at $118.00 and $108.00, with the latter serving as the most important support, coinciding with the 50% Fibonacci retracement level of the last wave from the $89.00 low to $134.00 high.

Ethereum ETH USD Forecast

Looking at the 2-hour chart of ETH/USD, there is a crucial ascending channel pattern with support at $125.00. As long as the pair stays above $124.00-122.00, there can be a move towards $134.00 or above it.

If there is a break below $122.00, there can be an extension the current correction towards $108.00. The overall trend is bullish with chances of a few short-term corrective moves.

Important Resistance Levels

$134.00 and $141.00

Important Support Levels

$122.00 and $118.00

2-hour RSI

The RSI is heading into the overbought levels.

2-hour MACD

The MACD is super bullish with no 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

Today ETH/USD Forecast: Ether Consolidating Losses
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05-19-2017 ETH/USD Forecast: Ether Buyers Eyeing $120-125?
   

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