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Ether Price Analysis
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Ethereum Price Forecast: Ether Facing Resistance At $870





Ether is trading in a range above $800.00 against the US dollar. ETH/USD could consolidate between $800.00 and $870.00 before making the next move.

Key Highlights

Ether’s price declined recently and tested the $820.00 support against the US dollar.
ETH/USD is moving higher and broke a bearish trendline with resistance at $830.00 on the 30-minute chart.
ETH/BTC is in a correction phase and the pair could test the 0.0950BTC support.

Technically, the 30-minute chart indicators are rising higher in the bearish territory and toward midlines.

ETH/USD is Forming Range

There were mostly in-range moves in ETH/USD during the past three sessions. The pair declined toward the lower end of the range, tested the $820.00 support, and started an upside recovery.

ETH/BTC remains in a short-term downtrend below the 0.1000BTC level. It could test the 0.0950BTC support, which is a strong buy zone.

Ethereum Price ETH/USD Forecast

Starting with the 30-minute chart of ETH/USD, the pair is rising after forming a base above the $820.00 support. It is gaining momentum and broke a bearish trendline with resistance at $830.00.

The pair also moved above the 23.6 percent Fibonacci retracement level of the recent drop from the $875.70 high to $824.17 low. It is a positive sign, but the pair is facing a couple of key resistance levels on the upside – $850.00 and $870.00.

The $850.00 resistance holds the key for the current wave since it is the 50 percent Fibonacci retracement level of the recent drop from the $875.70 high to $824.17 low. Above $850.00, Ether’s price could retest the $870.00-875.00 resistance range.

Ether Price Analysis Chart

Moving on to the 2-hour chart of ETH/USD, the pair is placed nicely above the $780.00 and $750.00 supports. On the upside, there is a new connecting bearish trendline forming with resistance at $865.00.

In the short-term, Ether could trade in a range above the $820.00 level. However, to gain upside momentum, it has to surpass the $870.00 resistance.

Important Resistance Levels

$850.00 and $870.00

Important Support Levels

$820.00 and $800.00

2-hour RSI

The RSI is just above the 50 level with a positive angle.

2-hour MACD

The MACD is currently flat with no major bullish sign.

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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