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Ethereum Forecast: ETH/USD Eyes New All-time High

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is preparing for more upsides against the US dollar but correcting lower versus bitcoin. ETH/USD must close above $885.00 to gain momentum.

Key Highlights

Ether is holding the bullish bias and is currently eyeing an upside break above $890.00-900.00 against the US dollar.
There is a short-term breakout pattern forming with resistance at $885.00 on the 2-hour chart of ETH/USD.
ETH/BTC is currently correcting lower and is trading below the 0.0600TC level.

Technically, the 2-hour chart indicators remain elevated in the bullish territory.

Can ETH/USD Break $900?

After a minor downside correction from the $883.96 swing high, Ether is back in the bullish zone against the US dollar. However, it has to break the $885.00 resistance zone to gain further momentum.

Ether Price Analysis Chart

On the other hand, ETH/BTC started a new downside correction wave. The pair is currently trading below 0.0600BTC and it could test the 0.0550BTC support area in the near term.

Starting with the 30-minute chart of ETH/USD, the pair moved sharply higher from the $820.00 swing low and traded to a new all-time high at $883.96. However, there were no further upsides and the pair started a downside correction.

It moved below the $860.00 support and the 23.6 percent Fibonacci retracement level of the last wave from the $818.08 low to $883.96 high. Later, Ether’s price found support and started moving higher along with a bullish trendline.

The chart suggests that the price is heading toward the $880.00-885.00 resistance area. A successful close above $885.00 is required for a push toward $900.00 in the near term.

Ethereum Price ETH/USD Chart

Moving up to the 2-hour chart, there is a crucial bullish trendline forming with current support at $800.00. In the short term, there is a breakout pattern forming with resistance at $885.00.

On the downside, an initial support is at $850.00. Should there be a 2-hour close below $850.00, the pair could test the trendline support at $800.00.

Overall, ETH/USD’s bias remains bullish above $850.00 and the pair will most likely continue to move higher toward $885.00 and $900.00.

Important Resistance Levels

$885.00 and $905.00

Important Support Levels

$850.00 and $800.00

2-Hour RSI

The RSI is currently correcting slightly from the overbought levels.

2-Hour MACD

The MACD is positioned nicely 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, 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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