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Ether Price Trend Overwhelmingly Bullish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price traded aggressively during the past 24 hours against the USD, and the current trend for ETH/USD looks bullish for more gains.

Key Highlights

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.

Ethereum Price Analysis Chart

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.

Ethereum Price Analysis Chart 7D

In short, buying dips may be an option until ETH/USD tests $20.00.

Important Resistance Level

$20.00

Important Support Level

$18.80

Hourly RSI

The RSI is around the overbought levels, which is why the price is trading in a range at the moment.

Hourly MACD

The MACD is in the bullish zone, calling for more strength in ETH.

Aayush Jindal

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 markets

ETHNews is commited to its Editorial Policy

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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.