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Ether Price Analysis
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Ethereum Price Forecast: ETH/USD Rallies Above Key Resistance





Ether’s price surged higher and broke the $800.00 resistance against the US dollar. ETH/USD is showing a lot of positive signs and it could continue to rise.

Key Highlights

Ether recovered further and broke the $750.00 and $800.00 resistance levels against the US dollar.
ETH/USD gained bullish momentum and surpassed a major bearish trendline at $800.00 on the 2-hour chart.
ETH/BTC is trading near the 0.1000BTC support and is currently in a positive zone.

Technically, the 2-hour chart indicators are gaining momentum in the bullish territory.

Ether's Price is Back in the Bullish Zone

The past few sessions were quite bullish as ETH/USD rallied and broke two important resistances – $750.00 and $800.00. The pair is currently positioned nicely above $800.00 and is eyeing further gains.

There was no major move in ETH/BTC since bitcoin price also surged higher against the US dollar. However, the pair remains positive above the 0.1000BTC support.

Ethereum Price ETH/USD Forecast

Starting with the 2-hour chart of ETH/USD, there were solid bullish candles formed between $600.00 and $700.00. It resulted in an upward push and the pair broke a major bearish trendline at $800.00.

The move was strong since Ether’s price traded above the 38.2 percent Fibonacci retracement level of the last major drop from the $1,151.90 high to $564.11 low. It seems like the recent break above $800.00 has opened the doors for further gains toward $900.00 or even $1,000.00.

An immediate resistance is the 50 percent Fibonacci retracement level of the last major drop from the $1,151.90 high to $564.11 low around $860.00. Above $860.00, the price will most likely move past the $900.00 level.

Ether Price Analysis Chart

Dropping down to the 30-minute chart of ETH/USD, there is a bullish trendline forming with support at $800.00. The mentioned $800.00 level prevented gains earlier but is now a key support. Below $800.00, the next major support is at $750.00.

Overall, the current price action is bullish. Should there be a short-term correction, ETH/USD could find strong supports near $800.00 and $750.00. A push above $860.00 is needed for further gains. 

Important Resistance Levels

$860.00 and $900.00

Important Support Levels

$800.00 and $750.00

2-hour RSI

The RSI is moving higher toward the 65 level.

2-hour MACD

The MACD is back in the bullish zone and is gaining 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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