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Ethereum Price Forecast: Ether Could Accelerate Higher

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price traded to new yearly highs against the US dollar and bitcoin. ETH/USD remains in a solid uptrend and may continue to rise toward $170.00.

Key Highlights

Ether’s price traded to a new yearly high above $160.00 against the US dollar.
ETH/USD is following a couple of bullish trendlines, with support at $150.00 on the 6-hour chart.
ETH/BTC broke the 0.0400BTC resistance and may continue to rise toward 0.0420BTC.

Technically, the 6-hour chart is placed nicely in the bullish territory.

Ether Price Analysis

Yesterday, we discussed more gains in ETH/USD above the $155.00 resistance. The pair broke the $160.00 resistance and the $161.35 swing high to trade to a new yearly high at $163.57.

ETH/BTC also extended gains and broke the 0.0380BTC and 0.0400BTC resistance levels. The pair is trading with a positive bias and may accelerate toward the 0.0420BTC resistance.

Ethereum Price Analysis ETH

Looking at the 6-hour chart of ETH/USD, the pair is clearly following a decent uptrend from the $80.00 and $90.00 support levels. There was a close above the $120.00 and $140.00 resistance levels, opening the doors for a push toward $165.00 and $170.00.

Recently, Ether struggled to gain traction above the $160.00 barrier and later corrected a few points. However, losses were contained near $140.00; later, the price bounced back above $150.00. On the downside, there are a couple of bullish trendlines formed, with supports near $150.00, $140.00, and $138.00.

Ether Price Analysis Chart

The main support is near the $132.00 level, where buyers are likely to emerge if the price declines below $150.00 and $140.00. To the topside, there is a connecting resistance trendline in place at $165.00, above which the price may accelerate gains toward the $170.00 and $175.00 levels.

Moving down to the hourly chart of ETH/USD, the pair seems to be consolidating gains above the $155.00 support. The overall price action is positive above $155.00 and $150.00. Should Ether buyers succeed in clearing the $165.00 resistance, the price could continue to rise in the short term.

Important Resistance Levels

$163.00 and $165.00

Important Support Levels

$155.00 and $150.00

Hourly RSI

The RSI is currently consolidating near the 60 level.

Hourly MACD

The MACD is placed heavily 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.