Ether investors might be in a celebration mode as the price gained by more than $5 US dollar recently, and it looks unstoppable at present.
Can Ether Price Break $20.0?
Ether price continued to gain traction against the US Dollar, and formed a new high above $19.00. As per data feed provided by Kraken, the price traded around $19.50, just shy of $20.00. The stated level represents a major physiological level. If ETH/USD manages to test $20.0, then there is a possibility of a short-term reaction from sellers.
Looking as the last 24-hours chart of ETH/USD, there was an upside thrust once the price broke the $18.75 resistance area. Currently, there is a bullish trend line formed on the same chart with support on the downside at $18.80. The price is consolidating at present, and looks like preparing for the next move.
The chances of a move towards $20.00 level is very high since looking at the last 7-day chart of ETH/USD, it is quite clear that the recent break was crucial. ETH consolidated for around 2 days (as shown in yellow on the chart) before moving higher. There is also a support trend line formed on the same chart, calling for a bullish bias.
In short, buying dips may be an option until ETH/USD tests $20.00.