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Ether Price Analysis
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Ether Price Continuous Gains Amid Devcon2





ETH/USD rocketed higher against most of its counterparts, surrounded by all the happenings in Devcon2.

Key Highlights

Ether price continued to post solid gains against the US Dollar and Bitcoin.
A new monthly high was formed by ETH/USD, ETH/BTC. ETH/EUR and other Ether pairs.
Yesterday’s idea of buying worked again, as the price pushed above a major resistance.

Technically, the hourly chart is pointing extreme overbought conditions and suggesting caution.

ETH/USD New High

There was another push in Ether price against the US dollar during the past 24 hours, as the bulls took over. The ETH/USD pair managed to break a couple of important resistance levels during the recent upside drift, including the $13.00-20 handle.

Ether Price Analysis Technical Chart

Yesterday, I highlighted that there is a chance of a new weekly high in ETH/USD. The pair did climb higher and not only posted a new weekly high, but also broke the monthly high. A new high is formed at $13.94, and it looks like the ETH buyers are not done yet.

There was a resistance trend line on the hourly chart of ETH/USD, which was broken during the recent upside ride. The same trend line may now act as a support if the pair moves down from the current levels. Moreover, there is also a bullish trend line on the downside, waiting to provide support.

Ethereum ETH/USD Pair Analysis Chart

The technical indicators on the hourly chart are highlighting extreme overbought conditions, which may result a minor correction. In that case, the 23.6% Fib retracement level of the last wave from the $11.91 low to $13.94 high might act as a support area.

When we look at the bigger picture, the daily chart of ETH/USD suggests that the pair is trading near a major resistance band area. So, there is a possibility that we may witness a reaction in ETH/USD around $14.00. The price may correct sharply lower if the highlighted resistance manages to contain gains in the short term.

Important Resistance Levels

$14.00 and $14.20

Important Support Levels

$13.65 and $13.40

Hourly RSI

The RSI technical indicator is around extreme overbought levels, and waiting for a dip.

Hourly MACD

The MACD is super bullish with no major signs of a pullback.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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