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Ether Price Analysis
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Ethereum Price Forecast: Ether Holding Support





Ether is preparing for the next move against the US dollar but declined versus bitcoin. ETH/USD could rise in the near term if there is a successful break above $945.00-950.00.

Key Highlights

Ether is consolidating in a range above the $910.00 support level against the US dollar.
There is a key connecting bearish trendline forming with resistance at $945.00 on the 6-hour chart of ETH/USD.
ETH/BTC extended its downward correction and moved below the 0.0950BTC support.

Technically, the 2-hour chart is indicating a consolidation pattern in the bullish territory.

Can ETH/USD Move Higher?

There was no major upward move in ETH/USD during the past three sessions, but the pair was successful in holding a major support area at $900.00-910.00.

On the other hand, bitcoin price gained momentum and moved above $10,000, which increased downward pressure on ETH/BTC. The pair broke the 0.0950BTC level and is currently heading toward the 0.0920BTC support.

Ethereum Price ETH/USD Forecast

Starting with the 6-hour chart of ETH/USD, there is a key connecting bearish trendline forming with resistance at $945.00. The pair is struggling to surpass the trendline resistance and is currently consolidating above $900.00.

There is an ascending channel forming with current support at $880.00, below which, Ether’s price may decline further toward $800.00. On the upside, a break above the trendline resistance at $945.00 could open the doors for more gains toward $1,000.00 or higher.

Dropping down to the 2-hour chart, there is a range forming with support at $910.00 and resistance near $950.00. There is also a bullish trendline on the same chart with support at $900.00.

Ether Price Analysis Chart

Therefore, there are a few key supports forming near $910.00, $900.00, and $880.00. As long as Ether is trading above the mentioned supports, it could rise in the near term beyond $950.00.

The next crucial resistance is at $1,000.00. A follow-through beyond the $1,000.00 handle could get extended to $1,040.00, above which ETH/USD has a chance of reclaiming the $1,100.00 level.

Important Resistance Levels

$950.00 and $1,000.00

Important Support Levels

$910.00 and $900.00

2-hour RSI

The RSI is currently hovering near the 50 level.

2-hour MACD

The MACD is mostly flat within 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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