Ether traded higher versus the US Dollar and Bitcoin, and ETH/USD showed a lot of bullish signs after forming a base at $48.00.

Technically, the 2-hour moved back in the bullish territory with positive momentum.

Ether Price Next Upside Hurdle?

It was a good day for Ether buyers, as the price gained against both the US Dollar and Bitcoin. The market traded with a positive tone, possibly due to risk on sentiment fueled by the French elections.

Looking at the 30-min chart of ETH/USD, there was a clear consolidation above a major support area at $48.00. The pair formed a base, and then moved higher.

During the upside move, the pair cleared two bearish trend lines at $48.20 and $48.35. It sparked a rally above the 50% Fibonacci retracement level of the last decline from $48.95 to $48.13.

The pair gained momentum, formed four back to back bullish candles and managed to break the $49.00 resistance. There was even a close above the 1.236 extension of the last decline from $48.95 to $48.13.

A new intraday high was formed at $50.02 where Ether price faced resistance. At the moment, there is a flag pattern formed on the chart with support at $49.20. The price needs to hold the $49.20 flag support in order to prevent a downside break.

If the price fails to hold the $49.20 support, there can be a test of $49.00. The stated level was a resistance earlier, and now coincides the 50% Fibonacci retracement level of the last wave from the $48.13 low to $50.02 high.

Ethereum ETH USD Forecast

On the upside, a break above $50.00 is needed for further gains. If ETH/USD settles above $50.00, it would call for a test of the all important range resistance at $51.00, which is the next upside hurdle.

Looking at the 2-hour chart, the recent bounce from the $48.00 range support looks positive. However, there is a chance of a minor downside push from $50.00 before Ether price moves back higher.

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.

Source link