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Ether Price Analysis
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Ethereum Price Forecast: Ether Zooms Above $870





Ether accelerated higher against the US dollar but is facing an extended correction versus bitcoin. ETH/USD is showing a lot of bullish signs with supports at $870.00 and $840.00.

Key Highlights

Ether succeeded in gaining strength and moved above the $870.00 resistance against the US dollar.
There is a key bullish trendline forming with support at $840.00 on the 4-hour chart of ETH/USD.
ETH/BTC declined further and is currently approaching the 0.0950BTC support.

Technically, the hourly chart indicators are correcting lower from the overbought levels.

ETH/USD Could Accelerate Further

There was a positive price structure formed in ETH/USD around the $825.00 swing low. The pair started a nice upward move and succeeded in breaking a crucial resistance at $870.00.

Ether Price Analysis Chart

On the other hand, ETH/BTC continues to correct lower and is currently approaching the 0.0950BTC support; the previous support at 0.1000BTC is now a resistance.

Looking at the hourly chart of ETH/USD, there was a sharp rise in bullish sentiment from the $825.00 low. The pair broke the 61.8 percent Fibonacci retracement level of the last decline from the $875.70 high to $824.17 low. It opened the door for more gains and Ether’s price moved above the $870.00 resistance and the $875.70 high. A new weekly high was formed at $898.69, from where the price started a downward correction.

If the price declines, an initial support awaits around $870.00-875.00 (resistance turned support). Below $870.00, there is a bullish trendline forming with support at $855.00. Should buyers succeed in pushing the price above $900.00, ETH/USD could accelerate further toward $940.00 and $960.00.

Ethereum Price ETH/SUD Forecast

Moving up to the 4-hour chart of ETH/USD, the last four candles were green. Moreover, there is a key bullish trendline forming with support at $840.00 on the same chart.

Overall, the current price action is bullish and if Ether succeeds in a close above $900.00, there could be further gains in the near term.

Important Resistance Levels

$900.00 and $940.00

Important Support Levels

$870.00 and $855.00

4-hour RSI

The RSI is rising higher toward the 65 and 70 levels.

4-hour MACD

The MACD is gaining pace 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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