Ethers’ demand increased, as both ETH/USD and ETH/BTC continued to move higher and posted new all-time highs.

Technically, the hourly chart indicators are once again around the same position, as they were yesterday.

Ether Price Remains Supported on Dips

Yesterday, we saw a 5-wave rising pattern in ETH/USD completing near $68.21. A counter dip looked to form around $65.00 or $64.00 before the pair moved higher once again.

Ether surpassed the $70.00 mark, setting a new all-time high at $71.61. Clearly in major bullish territory, the currency will look to continue gains in the near term.

Let’s start with the hourly chart of ETH/USD. The pair dipped yesterday towards $62.00, acting as a strong support area, representing the 38.2% Fibonacci retracement level of the last wave from the $54.00 low to $68.00 high.

A strong buying interest emerged around $62.00, igniting yet another upside move. The price moved higher, breaking the last swing high at $68.21 and clearing $70.00 to trade as high as $71.61.

At the moment, ETH/USD is facing offers above $71.00 and may enter a correction wave. There are a couple of bullish trend lines being formed with support at $66.00 and $65.00. An initial support is at $68.00, which also around with the 38.2% Fibonacci retracement level of the last wave from the $61.86 low to $71.61 high.

Ethereum ETH USD Forecast

It looks like the pair may continue to correct lower towards $68.00 or even $66.00 where it could find support.

The 4-hour chart of ETH/USD is currently showing no sign of a top, which means the bullish trend is intact.


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