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Ether Price Analysis
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Ethereum Price Forecast: Ether Looks to Break Higher





Ether is poised to extend gains above $950.00 against the US dollar. ETH/USD is forming a bullish structure with supports on the downside near $910.00 and $900.00.

Key Highlights

Ether is holding key support levels at $910.00 and $900.00 against the US dollar.
There is a rising channel forming with support at $935.00 on the 30-minute chart of ETH/USD.
ETH/BTC is under pressure and it could soon test the 0.0850BTC support area.

Technically, the 2-hour chart indicators are hovering around the midlines in the bullish territory.

ETH/USD is Holding Important Support Levels

There was positive price action during the past three sessions in ETH/USD as the pair was successful in holding two important support levels near $910.00 and $900.00.

On the other hand, ETH/BTC remained in a bearish trend and declined further below 0.0880BTC. The next major support on the downside is around the 0.0850BTC level.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, the pair started a new upward wave from the $906.09 low. It is currently in the third wave and is trading above the 23.6 percent Fibonacci retracement level of the last drop from the $981.64 high to $906.09 low.

More importantly, there is a rising channel forming with support at $935.00 on the same chart. The price has to break the $950.00 resistance and gain pace above the 50 percent Fibonacci retracement level of the last drop from the $981.64 high to $906.09 low.

A successful 2-hour close above the $950.00 level could push the price toward the last high of $981.64. Above $981.64, the price may perhaps break the $1,000.00 level.

Ethereum Price ETH/USD Forecast

On the downside, the channel support at $935.00 is an initial support. Below the mentioned $935.00, Ether’s price could retest the all-important $910.00 support (as seen in the 2-hour chart of ETH/USD).

If Ether buyers fail to defend losses below $910.00, it could initiate a fresh downward wave. In short, the price action is bullish above $910.00 in ETH/USD and the pair will most likely break $950.00 and $980.00 for further upsides.

Important Resistance Levels

$950.00 and $980.00

Important Support Levels

$935.00 and $910.00

2-hour RSI

The RSI is currently near 55 with a positive angle.

2-hour MACD

The MACD is stable 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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