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Ethereum Forecast: ETH/USD Surges Above Key Resistance

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price surged higher against the US dollar and bitcoin. ETH/USD accelerated above $850.00 and aims at further upsides.

Key Highlights

Ether’s price gained upside momentum and broke a key resistance at $760.00 against the US dollar.
There was a clear break above a major bearish trendline with resistance at $760.00 on the 4-hour chart of ETH/USD.
ETH/BTC moved above the 0.0580BTC and 0.0600BTC resistance levels.

Technically, the 4-hour chart indicators are moving higher in the bullish territory.

ETH/USD Bullish above $800

The past two sessions were amazing for Ether as the price moved past a couple of important resistance levels such as $760.00 and $860.00 to trade at a new all-time high.

Ethereum Price ETH/USD Forecast

Similarly, there was a sharp upside surge in ETH/BTC. The pair moved above the 0.0580BTC and 0.0600BTC resistance levels and is currently poised to gain further traction.

Looking at the 4-hour chart of ETH/USD, there was a clear break above a major bearish trendline with resistance at $760.00, which helped the pair accelerate above the $800.00 level. The upside move was strong and the pair succeeded in trading to a new all-time high at $880.70.

The pair is currently under a minor correction from $880.70. On the downside, the broken trendline around $760.00 could act as a support along with a bullish trendline bolstering at $780.00 on the same chart.

Moving down to the hourly chart of ETH/USD, the pair climbed above an ascending channel with resistance at $780.00. At present, the pair is consolidating above the $840.00 level and is preparing for the next move.

Ether Price Analysis Chart

It seems like Ether will soon resume its uptrend above $850.00 and it could trade above the recent high of $880.70. The next immediate resistance is around $905.00-910.00.

On the downside, ETH/USD remains well supported above the $800.00 and $780.00 levels. Below $780.00, the resistance turned support at $760.00 will serve as a major buy zone in the near term.

Important Resistance Levels

$880.00 and $905.00

Important Support Levels

$800.00 and $780.00

4-Hour RSI

The RSI is currently well above 60 and is moving north.

4-Hour MACD

The MACD is gaining pace in the bullish zone.

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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