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Ether Price Analysis
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Ethereum Price Forecast: Ether Consolidating Gains





Ether traded with a positive sentiment against the US dollar and bitcoin. ETH/USD is currently correcting lower but it remains supported on the downside.

Key Highlights

Ether extended gains and traded above the $1,200.00 resistance against the US dollar before starting a correction.
There is a bullish trendline forming with support at $1,150.00-1,160.00 on the 2-hour chart of ETH/USD.
ETH/BTC broke a crucial resistance at 0.1000BTC to set the pace for more gains.

Technically, the 2-hour chart indicators are correcting lower in the bullish territory.

Ether's Price is Testing a Key Support

In the weekly forecast, we discussed ETH/USD's move above the $1,200.00 level. The pair did gain traction and it was able to surpass the $1,180.00 and $1,200.00 resistances.

More importantly, there was a solid upside move in ETH/BTC. As a result, the pair was able to trade above the 0.1000BTC resistance level. It opened the doors for more upsides and pushed the pair past 0.1050BTC.

Ethereum Price ETH/USD Forecast

It seems like Ether buyers are in control and, looking at the 2-hour chart of ETH/USD, the pair is in a clear uptrend. It recently traded as high as $1,238.92 before starting a downside correction.

It traded below the 23.6 percent Fibonacci retracement level of the last upside wave from the $986.85 low to $1,238.92 high. However, the downside move was protected by a major bullish trendline with support at $1,150.00-1,160.00 on the same chart.

Below the trendline, the previous resistance at $1,100.00 could act as a strong support. Looking at the 30-minute chart of ETH/USD, the pair seems to be well supported above the $1,150.00 level.

Ether Price Analysis Chart

On the upside, there were two rejections around the $1,235.00 level, a break above which is needed for further gains.

Overall, the current price structure is positive as long as ETH/USD is above $1,100.00. In the short-term, the pair may range between $1,100.00-1,230.00 before Ether’s price makes the next move.

Important Resistance Levels

$1,200.00 and $1,235.00

Important Support Levels

$1,150.00 and $1,100.00

2-hour RSI

The RSI is correcting lower toward the 50 level.

2-hour MACD

The MACD is currently reducing its bullish slope.

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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