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Ether Price Analysis
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Ethereum Price Forecast: Ether Approaching Crucial Break





Ether lost momentum against the US dollar whereas it moved higher versus bitcoin. ETH/USD is likely approaching a crucial break in the near term.

Key Highlights

Ether traded lower recently and tested an important support near $980.00 against the US dollar.
There is a crucial contracting triangle forming with support at $980.00 and resistance near $1,080.00 on the 4-hour chart of ETH/USD.
ETH/BTC continued to gain traction and was able to move above 0.0950BTC.

Technically, the 30-minute chart indicators are recovering from the oversold levels.

Can Ether's Price hold $980-1000?

There was an extension to yesterday’s decline in ETH/USD. The pair moved down and traded below the $1,010.00 support area to test the next major support at $980.00.

On the other hand, ETH/BTC extended gains above the 0.0920BTC level. It succeeded in breaking the 0.0950BTC resistance and is currently moving toward the 0.0980BTC resistance.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, there was a break below a contracting triangle with support at $1,062.00. The pair struggled to settle above $1,075.00 and started a decline.

Ether even broke the $1,010.00 support, but it was able to stay above the $980.00 support. A low was formed at $986.86 and the price is currently recovering. It has moved above the 23.6 percent Fibonacci retracement level of the last decline from the $1,101.89 high to $986.86 low.

To the topside, there is a crucial resistance near $1,075.00. An intermediate resistance is near the 50 percent Fibonacci retracement level of the last decline from the $1,101.89 high to $986.86 low at $1,045.00.

The 4-hour chart of ETH/USD suggests that the pair is likely approaching a significant break in the near term either above $1,080.00 or below $980.00. There is a contracting triangle forming with a key support at $980.00.

Ethereum Price ETH/USD Forecast

Should there be a break below $980.00, the price could retest the $760.00 support. On the other hand, an upside break above $1,080.00 will most likely push the price toward $1,200.00.

Overall, the current bias is still positive as long as Ether’s price is above $980.00, but a break above $1,080.00 is a must to avoid further losses.

Important Resistance Levels

$1,080.00 and $1,100.00

Important Support Levels

$1,000.00 and $980.00

30-minute RSI

The RSI is approaching the 50 level.

30-minute MACD

The MACD is moving 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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