Ether price traded aggressively during the past 24 hours against the USD, and the current trend for ETH/USD looks bullish for more gains.
Ethereum price was impressive during the past few hours, as it created a new high above $19.00 against the US dollar.
It looks like ETH/USD may test $20.00, and even break if it the bulls remain in action.
The last 7-days chart is clearly signaling a bullish trend, which might continue in the short term.
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.
Important Resistance Level
Important Support Level
The RSI is around the overbought levels, which is why the price is trading in a range at the moment.
The MACD is in the bullish zone, calling for more strength in ETH.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial marketsETHNews is commited to its Editorial Policy
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