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Ethereum Price Forecast: Ether Remains On High Ground

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is gaining momentum against the US dollar. ETH/USD must stay above the $900.00-910.00 support to continue trading higher.

Key Highlights

Ether is rising, recently trading as high as $947.81 against the US dollar.
There is an important support area forming near the $910.00 level on the 30-minute chart of ETH/USD.
ETH/BTC tested the 0.0950BTC support and is currently consolidating above that level.

Technically, the 2-hour chart indicators remain elevated in the bullish territory.

Why $900 is Important for ETH/USD

There were further gains in ETH/USD as the pair succeeded in trading above the $900.00 resistance. It traded to a new monthly high at $947.81 and is currently positioned nicely above $900.00.

On the other hand, ETH/BTC continued trending lower and tested the 0.0950BTC support, as discussed in the last few analyses. The pair may consolidate in the short term before making the next move toward 0.0980BTC or even below 0.0940BTC.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, the pair declined sharply from the $947.81 high. It tested below the 23.6 percent Fibonacci retracement level of the last wave from the $824.17 low to $947.81 high.

Moreover, two bullish trendlines on the same chart acted as a support around $910.00-915.00. The price is currently moving higher and is positioned nicely above $910.00.

Moving on to the 2-hour chart of ETH/USD, it seems that there is a bearish-leaning candle pattern forming, since it overlapped the previous candle completely.

Ethereum Price ETH/USD Forecast

It's a short-term bearish signal, but fortunately, Ether’s price is holding the $900.00-910.00 support. If the price fails to stay above $900.00, then it could test a bullish trendline with support at $870.00 on the same chart.

The price faces a tough challenge at $950.00, but a close above $900.00 could push Ether toward $1,000.00. To sum up, ETH/USD is showing positive bias with supports at $910.00, $900.00, and $870.00 in the near term.

Important Resistance Levels

$950.00 and $1,000.00

Important Support Levels

$910.00 and $900.00

2-hour RSI

The RSI is currently around 65 and is moving north.

2-hour MACD

The MACD is showing a lot of positive signs 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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