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Ethereum Price Forecast: Ether Gaining Bullish Momentum

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is gaining bullish momentum against the US dollar but correcting lower versus bitcoin. ETH/USD must break $870.00 to rise further.

Key Highlights

Ether climbed higher recently, but it failed to break the $870.00 resistance against the US dollar.
There was a break above a bearish trendline with resistance at $825.00 on the 2-hour chart of ETH/USD.
ETH/BTC started a downward wave and moved below the 0.1000BTC support.

Technically, the 30-minute chart indicators are showing signs of a downward correction.

ETH/USD Remains in Uptrend

In yesterday's analysis, we discussed that Ether’s gains are slowing but not over. ETH/USD traded higher but failed near a major resistance at $870.00.

On the flip side, ETH/BTC is showing signs of weakness and started a downward wave, breaking the 0.1000BTC support. The next major support on the downside is at 0.0950BTC.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, the pair formed a solid support base near $800.00. It started an uptrend and moved above the $820.00 resistance, successfully breaking a bearish trendline with resistance at $825.00.

Furthermore, there was a break above the 23.6 percent Fibonacci retracement level of the last decline from the $909.29 high to 780.34 low. However, the price was not able to break a crucial resistance near $870.00.

On a positive note, Ether’s price was successful in breaking the 50 percent Fibonacci retracement level of the last decline from the $909.29 high to 780.34 low near $845.00, which is a bullish sign.

Ether Price Analysis Chart

Moving on to the 30-minute chart of ETH/USD, there are signs of a downward correction. An immediate support sits around the $830.00 level and a connecting bullish trendline on the same chart.

Below $830.00, the price could retest the $800.00 support during the coming sessions. In the short term, the risk is skewed toward the downside in ETH/USD as the pair is trading below bearish 21 SMA.

Overall, there can be a minor correction toward $830.00 and $800.00, but the bias is still bullish toward $870.00 and $900.00.

Important Resistance Levels

$870.00 and $900.00

Important Support Levels

$830.00 and $800.00

30-minute RSI

The RSI is moving lower toward the 60 level.

30-minute MACD

The MACD is losing momentum 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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