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





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. 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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