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Ethereum Price Forecast: Ether Approaching Crucial Break

By

Aayush

Jindal

Guest AnalystETHNews.com

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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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.