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

By

Aayush

Jindal

Guest AnalystETHNews.com

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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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