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Ethereum Price Forecast: ETH/USD Likely to Break Higher

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is placed nicely for more upsides against the US dollar and bitcoin. ETH/USD has to surpass the $1,075.00 and $1,100.00 resistance levels to gain momentum.

Key Highlights

Ether is trading with a bullish bias above the $1,000.00 support against the US dollar.
ETH/USD will look to break the $1,075.00 and $1,100.00 resistance points to gain upside traction.
ETH/BTC is still bullish and it looks set for a move toward the 0.1000BTC resistance.

Technically, the hourly chart indicators are slowly moving higher in bullish territory.

Ether Price Looks To Climb Higher

There was a decent bullish bias forming during the past few hours as ETH/USD succeeded in avoiding further declines and recovered toward the $1,050.00 level.

Ethereum Price ETH/USD Forecast

ETH/BTC is still in a positive zone and is currently trading near 0.0950BTC. It could continue to move higher toward the all-important 0.1000BTC resistance.

In yesterday’s analysis, we reviewed how Ether’s price is preparing for the next move either above $1,080.00 or below $980.00. The price is still trading in a range pattern and is holding a positive bias above the $1,000.00 support.

ETH/USD moved slowly higher and traded toward the $1,050.00 level. The 6-hour chart also suggests that the pair is approaching a crucial break. There are two connecting bearish trendlines to the topside with resistance at $1,075.00.

On the downside, there is a bullish trendline forming with support at $1,000.00. Today’s session should provide some clarity on the price’s direction, whether it approaches the next break above $1,075.00 or below $1,000.00.

The range is contracting and it would slowly open the doors for the next important break. A successful close above $1,075.00 and break of the $1,100.00 pivot level could ignite further upsides in the near term.

Ether Price Analysis Chart

Moving down to the 30-minute chart of ETH/USD, the pair is attempting to surpass two bearish trendlines at $1,060.00. Should Ether’s price move past $1,060.00, it may continue to move higher.

To sum up, there are numerous positive indicators on both 30-minute and 6-hour charts, which suggests further gains in ETH/USD above $1,060.00.

Important Resistance Levels

$1,075.00 and $1,100.00

Important Support Levels

$1,020.00 and $1,000.00

6-hour RSI

The RSI is about to move above the 50 level.

6-hour MACD

The MACD is stable 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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