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Ether Price Analysis
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Ethereum Price Forecast: Ether Holds Ground





Ether is holding ground against the US dollar while surging higher versus bitcoin. ETH/USD is holding the $1,050.00 support and is currently showing positive signs.

Key Highlights

Ether is stable above $1,050.00 against the US dollar whereas other cryptocurrencies declined sharply.
ETH/USD cleared a key bearish trendline with resistance at $1,060.00 on the 2-hour chart.
ETH/BTC surged above the 0.1150BTC level to post more than 8 percent gains.

Technically, the 30-minute chart indicators are stable in the bullish territory.

Ether's Price Remains Supported

After completing a short-term downtrend, ETH/USD started an ascending wave from the $1,020.73 low. The pair moved above the $1,050.00 and $1,060.00 resistance levels.

More importantly, there were sharp gains in ETH/BTC as the pair surged toward the 0.1200BTC level. Bitcoin and other major altcoins were pressured recently, but Ether held the bullish ground and moved higher.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, we see the fresh start of an upward move from the $1,020.73 low. The pair traded above a key bearish trendline with resistance at $1,060.00.

The upside move was positive since there was a break above the $1,050.00 and $1,060.00 resistance levels. Furthermore, Ether’s price moved above the 50 percent Fibonacci retracement level of the last drop from the $1,238.92 high to $1,020.73 low.

The doors were opened for more gains and the pair traded toward $1,150.00 where it faced resistance. Looking at the 30-minute chart of ETH/USD, the pair corrected from the $1,151.90 high, but it was able to hold the $1,075.00 support.

Ether Price Analysis Chart

The price is currently moving around $1,080.00-1,100.00 and is trading in a positive zone. It seems like Ether is forming a base above the $1,050.00 support and it could make another attempt to climb during the coming sessions.

Should there be a correction, the $1,075.00 and $1,050.00 support levels are likely to act as a strong barrier to more losses. A push above the $1,150.00 resistance is needed for further gains.

Important Resistance Levels

$1,120.00 and $1,150.00

Important Support Levels

$1,075.00 and $1,050.00

2-hour RSI

The RSI is currently around the 55 level with a flat structure.

2-hour MACD

The MACD has moved back 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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