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ETH/USD Forecast: What The Recent Bounce Means?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price after filling buy orders near $9.50 against the US Dollar traded higher. It looks like ETH/USD may attempt to break the range resistance at $10.00.

Key Highlights

Ether price after testing the range support area near $9.50 bounced sharply against the US Dollar.
The ETH/USD pair broke a bearish trend line on the 30-min chart, and accelerated above $9.60.
The pair is now back trading near the range resistance area around $10.00 where it is facing offers.

Technically, the 2-hour chart indicators have recovered well and now above their mid-lines.

Ether Price Regains Traction

Earlier, there was a minor dip in Ether price against the US Dollar amid an increase in the bearish pressure. However, the range support area near $9.50 held the downside move and prevented further losses.

Ether Price Analysis Chart

The ETH/USD pair moved higher sharply. On the other hand, the ETH/BTC pair was seen struggling, as Bitcoin price was seen surging as well, keeping pressure on ETH To BTC in check.

A lot of positive signs to take from the recent rise in Ether price. It made a nice upside move, breaking a bearish trend line on the 30-min chart. The rise was such that the price easily managed to clear the full extension of the last decline from the $9.85 high to $9.53 low.

It prompted a move towards the 1.236 extension of the same wave from the $9.85 high to $9.53 low. The pair traded as high as $9.95 where it faced resistance.

We have been tracking a major range resistance near $10.00, and it looks like it is again playing its part. The 2-hour chart of ETH/USD clearly highlights the range. On the positive side, the recent bounce was encouraging, as it occurred from the range support of $9.50-9.60.

Ethereum ETH/USD Forecast Chart

A key point is that the last 3-4 candles on the H2 chart are pretty bullish, suggesting positive signs. However, the pair needs to clear the $10.00 hurdle for further gains. If there is a close above $10.00, the price may easily drift towards $10.50.

Important Resistance Levels

$10.00 and $10.50

Important Support Levels

$9.60 and $9.50

2-hour RSI

The RSI technical indicator is now above its mid-lines, suggesting a bullish bias.

2-hour MACD

The MACD is now back in the bullish slope with enough momentum.

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

ETHNews is commited to its Editorial Policy

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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.