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Ethereum Price Forecast: Ether in Crucial Uptrend

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether traded above an important resistance against the US dollar. ETH/USD is now placed nicely in a crucial uptrend with supports at $850.00 and $800.00.

Key Highlights

Ether extended gains and succeeded in breaking an important resistance at $840.00-850.00 against the US dollar.
There is a bearish trendline forming with resistance near $900.00-920.00 on the 4-hour chart of ETH/USD.
ETH/BTC is consolidating above the 0.1000BTC support and it could gain momentum.

Technically, the 4-hour chart indicators are rising higher into the bullish territory.

Ether's Price Remains Supported on the Downside

Yesterday, we discussed how ETH/USD is poised to challenge the $900.00 level. The pair did move higher, broke the $840.00-850.00 resistance, and is testing the $900.00 region.

On the other hand, there was no major move in ETH/BTC. The pair is currently consolidating above the 0.1000BTC level and is preparing for the next move.

Ether Price Analysis Chart

Looking at the hourly chart of ETH/USD, the pair surged higher and broke a few important resistance levels: $830.00, $840.00 and $850.00. It opened the doors for more gains and the pair surged to $900.00.

It seems like the pair is forming a crucial uptrend and it could continue to move higher toward $1,000.00. On the downside, an initial support is a bullish trendline on the same chart at $880.00. Below $880.00, the previous resistance at $850.00 would be likely to act as a strong support.

Ethereum Price ETH/USD Forecast

Moving up to the 4-hour chart of ETH/USD, there is a major bearish trendline forming with resistance near $900.00-920.00. The $900.00 level is acting as a key resistance, since it is the 50 percent Fibonacci retracement level of the last major drop from the $1,238.92 high to $564.11 low.

A 4-hour close above the mentioned $900.00 resistance could trigger further upsides toward $1,000.00. In the short-term, there may be ranging moves around the $900.00-920.00 level, but the medium-term bias is bullish.

Important Resistance Levels

$900.00 and $920.00

Important Support Levels

$850.00 and $800.00

Hourly RSI

The RSI is currently above 65 and is heading higher.

Hourly MACD

The MACD is showing a lot of bullish signs.

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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