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Ethereum Forecast: ETH/USD Eyeing Further Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is moving higher against the US Dollar while correcting lower versus bitcoin. ETH/USD is following a bullish path with support near $950.00.

Key Highlights

Ether completed the first wave of a short-term correction around $950.00 against the US Dollar.
There is a bullish ascending channel forming with support at $950.00 on the 4-hour chart of ETH/USD.
Bitcoin price climbed higher which resulted in an extended downside wave in ETH/BTC below 0.0600BTC.

Technically, the hourly chart indicators are moving higher once again after a minor pullback.

ETH/USD’s Bullish Channel

Yesterday, we saw the start of a short-term downside correction in ETH/USD. The pair moved below the $970.00 level and tested the $940.00 area.

Additionally, ETH/BTC is still in a correction mode and it recently traded below the 0.0600BTC support. The pair is currently under pressure due to the recent rise in bitcoin price versus the US Dollar.

Ethereum Price ETH/USD Forecast

Looking at the 4-hour chart of ETH/USD, there is a major ascending channel forming with support at $950.00. During the last correction wave, the pair tested the mentioned channel but are now moving back higher.

Below the channel support, there is a crucial bullish trendline forming with support at $900.00. It is an important support for the current bullish trend line above the $850.00 pivot.

Should there be a break below $900.00, the pair could test the next major buy zone near $750.00, which served as a resistance earlier. Moving on to the hourly chart of ETH/USD, there are two bullish trendlines positioned at $950.00.

Ether Price Analysis Chart

Any major downside reaction will most likely find a strong buying interest near the $950.00 level. On the upside, Ether’s price needs to move back above $1,000.00 to gain momentum.

The overall trend is bullish above $950.00. Below that mark, ETH/USD could move into the second wave of a correction phase, eyeing a test of the $900.00 support. On the upside, above $1,000.00, the price would gain traction for a new all-time high.

Important Resistance Levels

$1,000.00 and $1,020.00

Important Support Levels

$950.00 and $900.00

Hourly RSI

The RSI is slowly moving higher toward the 60 level.

Hourly MACD

The MACD is placed 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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