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ETH/USD Forecast: Upside Drift In Focus

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price extended the range against the US Dollar, and traded higher. At the moment, the ETH/USD pair is looking for further gains above $8.55-8.60.

Key Highlights

Ether price managed to pop higher against the US Dollar, and broke the $8.20 and $8.40 resistance area.
The ETH/USD pair is currently pressuring the $8.55 resistance area, and looking for a break above it.
A successful close above the mentioned resistance might ignite more upsides in the short term.

Technically, the indicators on the near-term studies are turning into full bullish setup.

Ether Price Sighting Gains

There was a positive trend development yesterday in Ether price against the US Dollar. The ETH/USD pair was seen recovering within an important range of $8.00-$8.50.

Ether Price Analysis Chart

The pair later gained pace from the $8.00 support area and moved higher. The 30-min chart suggests that a lot happened during the past couple of sessions. First, there was a break above the $8.20 resistance area, which opened the doors for an upside move.

Second, the price also managed to break the 38.2% Fib retracement level of the last decline from the $8.55 high to $7.93 low. The price traded towards the $8.45 level where a consolidation phase started.

The price traded in a range for some time with support at $8.30 and resistance at $8.45. The pair later gained pace, and managed to break the consolidation pattern resistance.

As a result, there was an upside drift above the $8.50 resistance. The price traded above the last swing high of $8.55, and traded as high as $8.58. The recent move in ETH/USD points a short-term trend change, as technical studies are turning into full bullish setup.

Ethereum ETH/USD Forecast Chart

The 2-hour chart of ETH/USD shows how the pair is pressuring the $8.55 barrier. The Ether buyers are clearly looking for a H2 close above the highlighted resistance area.

If they succeed, we can witness a move towards the $8.80 level or even towards $9.00 in the near term.

Important Resistance Levels

$8.55 and $8.80

Important Support Levels

$8.40 and $8.20

2-hour RSI

The RSI technical indicator is now above the 50 level, and heading north.

2-hour MACD

The MACD has moved sharply from the bearish to bullish slope.

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

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