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Ethereum Price Forecast: Ether Holds Ground

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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