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Ethereum Price Forecast: ETH/USD Fighting to Breach $1,100

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether has moved into the bullish zone against the US dollar and bitcoin. ETH/USD needs to gain momentum above $1,100.00 to maintain the current bias.

Key Highlights

Ether continued to trade higher but struggled to break the $1,100.00 resistance area against the US dollar.
The outlook is still positive considering the recent upside break above a crucial trendline at $1,010.00 on the 4-hour chart of ETH/USD.
ETH/BTC is slowly moving higher and it is likely heading toward the 0.0950BTC level.

Technically, the 4-hour chart indicators are slowly moving higher toward their midlines.

Ether Price Trend

The past few sessions were bullish for ETH/USD as the pair moved above the $1,060.00 resistance and tested the next major resistance at $1,100.00.

Ether Price Analysis Chart

ETH/BTC also gained upside momentum and traded above the 0.0930BTC level. It seems like the pair is slowly following a bullish path toward the 0.0950BTC level.

Starting with the hourly chart of ETH/USD, the pair broke the $1,000.00 resistance to initiate an uptrend. During the upside move, there was a break above a crucial resistance at $1,060.00. Buyers succeeded in pushing the price above the 61.8 percent Fibonacci retracement level of the last drop from the $1,164.63 high to $908.57 low.

However, the upside move was capped by the $1,100.00 resistance. Ether’s price traded as high as $1,101.89 before starting a downside correction.

It has moved below a connecting bullish trendline with support at $1,065.00 and traded below the 23.6 percent Fibonacci retracement level of the last upside wave from the $908.58 low to $1,101.89 high.

Ethereum Price ETH/USD Forecast

On the downside, there is a crucial support at $1,010.00, which was a resistance earlier. If the price moves down and corrects further, the $1,010.00 support and 50 percent Fibonacci retracement level of the last upside wave, from the $908.58 low to $1,101.89 high, are likely to stop further declines.

Moving up to the 4-hour chart of ETH/USD, there was an important upside break above a crucial bearish trendline at $1,010.00. This means Ether is trading in a positive zone, but it has to break $1,100.00 to maintain momentum.

Important Resistance Levels

$1,080.00 and $1,100.00

Important Support Levels

$1,010.00 and $980.00

4-hour RSI

The RSI is moving higher toward the 50 level.

4-hour MACD

The MACD is back 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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