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Ether Price Analysis
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Ethereum Weekly Forecast: Ether Price Primed For Lift-Off





Ether’s price is gaining bullish strength against the US dollar and bitcoin. ETH/USD is now placed in a positive zone above the $1,100.00 and $1,070.00 support levels.

Key Highlights

Ether’s price gained bullish traction and was able to move above the $1,100.00 resistance against the US dollar.
There was an important bullish break above $1,025.00 on the 12-hour chart of ETH/USD.
ETH/BTC is grinding higher and it looks set to test the 0.1000BTC resistance.

Technically, the 2-hour chart indicators are gaining upside momentum into bullish territory.

Ether Price to break $1200?

The past three sessions were bullish as ETH/USD traded above a couple of important resistance levels - $1,075.00 and $1,100.00. The pair is now back in an uptrend and it could continue to move higher toward $1,200.00.

Ethereum Price ETH/USD Forecast

Similarly, ETH/BTC is showing a lot of bullish signs with a daily close above 0.0900BTC. The pair is likely to accelerate higher toward the 0.1000BTC resistance, which has been a major barrier for Ether buyers.

Starting with the 12-hour chart of ETH/USD, there was a decent support formation above $850.00. The pair started an upside move and it was able to surpass a key bearish trendline with resistance at $1,025.00.

Buyers also succeeded in pushing Ether’s price above the 23.6 percent Fibonacci retracement level of the last decline from the $1,422.48 high to $763.72 low. As a result, there was an increase in the bullish sentiment and the price broke an important resistance at $1,075.00 and $1,100.00.

More importantly, the price moved above the 50 percent Fibonacci retracement level of the last decline from the $1,422.48 high to $763.72 low, which suggests that Ether could continue to move higher.

Ether Price Weekly Analysis Chart

On the upside, the next major resistance is around $1,190.00-1,200.00. Above $1,200.00, the price possibly will accelerate toward the last swing high near $1,400.00.

Moving down to the 2-hour chart of ETH/USD, the pair broke a significant hurdle around $1,075.00 and $1,100.00. There is a bullish trendline forming with support at $1,110.00. If the price corrects lower from the current levels, it will most likely find buyers near $1,110.00, $1,100.00 and $1,070.00.

The medium-term bias is bullish and ETH/USD may perhaps continue to move higher toward $1,200.00 and $1,400.00 in the near term.

Important Resistance Levels

$1,200.00 and $1,280.00

Important Support Levels

$1,100.00 and $1,070.00

12-hour RSI

The RSI is now back above the 50 level.

12-hour MACD

The MACD is gaining momentum 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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