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Ethereum Price Forecast: Ether Holding Support

By

Aayush

Jindal

Guest AnalystETHNews.com

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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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