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Ethereum Price Forecast: Ether’s Uptrend is Intact

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is showing positive signs against the US dollar and bitcoin. ETH/USD must overcome the $875.00 and $910.00 resistances for further gains.

Key Highlights

Ether climbed higher and settled above the $850.00 pivot level against the US dollar.
There is a key resistance zone forming near $875.00 on the 2-hour chart of ETH/USD.
ETH/BTC is trading with a neutral bias around the 0.0840BTC level.

Technically, the 2-hour chart indicators are back in bullish territory.

ETH/USD is Facing Important Resistance

There was bullish price action during the past three sessions in ETH/USD. The pair is currently trading well above the $850.00 support level, yet faces various levels of resistances.

ETH/BTC failed to move above the 0.0850BTC resistance as it currently trades near the 0.0840BTC level. It seems like there can be another downside push before the pair attempts to trade above 0.0850BTC.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, a solid support formed near $780.00 to help the pair recover. The pair is now forming a bullish structure just above the $850.00 level.

However, there is a major resistance zone forming near $875.00. Two bearish trendlines are positioned around the $870.00-875.00 region as well, which could prevent an upside break. Moreover, the 50 percent Fibonacci retracement level of the last drop, from the $981.64 high to $788.16 low, awaits near $885.00 as a significant resistance.

Above $885.00, the $910.00 level could serve as ceiling for this current wave. Moving down to the 30-minute chart of ETH/USD, there are many positive signs emerging, which get supported on the downside at $850.00.

Ether Price Analysis Chart

There is a contracting triangle pattern forming with resistance at $875.00 and support at $848.00. Ether’s price may perhaps trade in the $848-00-875.00 range before it makes the next move.

A successful close above the $875.00 resistance could lift market sentiment. In the stated case, ETH/USD could even surpass the $910.00 resistance. On the flip side, a failure to break the $875.00 resistance in the next few sessions will most likely push the price below $850.00.

Important Resistance Levels

$870.00 and $910.00

Important Support Levels

$850.00 and $820.00

2-hour RSI

The RSI has moved above the 50 level and is currently at 55.

2-hour MACD

The MACD is nicely moving 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, 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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