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Ether Price Analysis
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ETH/USD Forecast: Holding on to Gains near $10.70





Ether price turned bullish against the US Dollar, and it looks like the ETH/USD is now well supported near $10.70 and $10.60.

Key Highlights

Ether price broke yesterday’s high of $10.70 to climb towards $10.85 against the US Dollar.
The ETH/USD pair corrected from the $10.83 high, but found support near $10.70, which was a resistance earlier.
The 2-hour chart suggests that the pair is struggling near $10.80, but may break it for more upsides.

Technically, the 2-hour chart indicators moved further in the bullish territory, and signaling positive bias.

Ether Price Support at $10.70

Yesterday, there was a rejection in Ether price at $10.70 against the US Dollar, but the $10.55-10.50 support was seen holding the downside move. As a result, there was an upside move during the past few hours.

Ether Price Analysis Chart

The ETH/USD pair moved higher, breaking the last swing high of $10.70 to challenge the $10.85 level. It traded as high as $10.83 from where it started a correction.

The pair traded lower and found support near $10.70. It was a perfect example how a previous resistance acted as a support. The $10.70 support also coincides with the 23.6% Fibonacci retracement level of the last leg from the $10.48 low to $10.83 high.

So, it was a good short-term support, as the price remained stable. It is currently attempting to move higher, but finding resistance near a bearish trend line formed on the 30-min chart at $10.80.

If there is a break above the trend line resistance, there is a possibility of a move above the recent high of $10.83. Looking at the 2-hour chart of ETH/USD, there are a few points to note.

Ethereum ETH/USD Forecast

First, the pair has formed a decent support at $10.70. Second, the next major support is at $10.60. Last, there is a bullish trend line positioned at $10.62 to act as a support on the downside if the price falls below $10.70.

Overall, it looks like the price has established a short-term bullish trend with supports at $10.70 and $10.60. It is very likely that we may witness a move towards $11.00 during the upcoming sessions.

Important Resistance Levels

$10.85 and $11.00

Important Support Levels

$10.70 and $10.60

2-hour RSI

The RSI technical indicator is well above the 50 level, suggesting a bullish trend.

2-hour MACD

The MACD is in the bullish slope with decent momentum.

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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