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Ethereum Price Forecast: Ether Resumes Uptrend

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price surged higher with bullish moves against the US dollar and bitcoin. ETH/USD seems to be back in a bullish trend with a break above $1,000.00.

Key Highlights

Ether made a nice upside move and broke a crucial resistance at $990.00 against the US dollar.
A major bearish trendline with resistance at $980.00 was breached on the 2-hour chart of ETH/USD.
ETH/BTC also gained bullish traction and traded above the 0.0920BTC level.

Technically, the 30-minute chart indicators are rising higher in the bullish territory.

Ether's Price is Back in Bullish Zone

The market opened on a positive note today since ETH/USD broke a key resistance at $1,000.00. The pair is likely to see further gains.

Ethereum Price ETH/USD Forecast

Similarly, there were bullish moves in ETH/BTC. The pair held the 0.0900BTC support and is currently trading above the 0.0920BTC level.

Looking at the 2-hour chart of ETH/USD, there was a break above a significant bearish trendline with resistance at $980.00. The pair formed a base above $900.00 and traded above the 23.6 percent Fibonacci retracement level of the last decline from the $1,164.63 high to $908.57 low.

The next major resistance on the upside is around $1,100.00. An intermediate hurdle is $1,060.00 and the 61.8 percent Fibonacci retracement level of the last decline from the $1,164.63 high to $908.57 low.

Dropping down to the 30-minute chart, ETH/USD is following a connecting bullish trendline with support at $1,030.00. The pair is currently correcting lower from the recent high of $1,060.85.

Ether Price Analysis Chart

The previous resistance around $1,010.00-1,020.00 will most likely act as a support in the short term. If there is an extended correction, the price is likely to find strong bids near $980.00.

On the upside, Ether’s price needs to overcome the $1,060.00 resistance to challenge the $1,100.00 level. Above $1,100.00, the price will most likely accelerate quickly toward $1,180.00.

To summarize, Ether is back in the bullish zone and as long as the price is above $980.00, it could continue to move higher.

Important Resistance Levels

$1,060.00 and $1,100.00

Important Support Levels

$1,010.00 and $980.00

2-hour RSI

The RSI is about to move above the 50 level.

2-hour MACD

The MACD has moved from the bearish to bullish zone with positive signs.

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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