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Ethereum Forecast: Ether Price in Steady Uptrend

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is following a steady uptrend against the US dollar and bitcoin. ETH/USD is placed nicely above $1,300.00 and is eyeing further upsides.

Key Highlights

Ether is slowly moving higher and is currently heading higher toward $1,320.00 against the US dollar.
There are two major bearish trendlines forming with support at $1,180.00 on the 4-hour chart of ETH/USD.
ETH/BTC is steady above the 0.0900BTC level and it could move further higher.

Technically, the 4-hour chart indicators are slowly moving higher in the bullish territory.

ETH/USD Making Gains

The past two days were mostly bullish as ETH/USD started a fresh upside move after completing a much needed downside correction at $1,087.80.

More importantly, there was a decent upside move in ETH/BTC as the pair was able to break the 0.0900BTC level. The next major upside hurdle for the pair sits at 0.1000BTC.

Ethereum Price ETH/USD Forecast

Starting with the 4-hour chart of ETH/USD, there is a clear uptrend in place above the $1,000.00 handle. The pair is currently moving higher toward the last top at $1,383.50.

On the downside, there are two major bearish trendlines forming with support at $1,180.00. As long as the pair remains above these trendlines with no 4-hour close below $1,180.00, there could be more gains in the near term.

On the upside, an initial resistance rests at $1,300.00 followed by $1,320.00. Above the mentioned $1,320.00, Ether’s price will most likely accelerate toward the last high at $1,383.50.

Ether Price Analysis Chart

Moving on to the hourly chart of ETH/USD, the pair recently broke a key bearish trendline with resistance at $1,210.00. It has cleared the path for more upsides toward the $1,300.00 mark in the near term. If conditions change, a bullish trendline with support at $1,250.00 will await.

However, the most important short-term support is at $1,220.00. Going forward, the pair is less likely to correct substantially before a break above $1,300.00.

The overall bias is bullish, and both ETH/USD and ETH/BTC remains well supported on the downside.

Important Resistance Levels

$1,320.00 and $1,380.00

Important Support Levels

$1,220.00 and $1,180.00

Hourly RSI

The RSI is slowly heading higher toward the 65-70 levels.

Hourly MACD

The MACD is steady 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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