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Ethereum Price Forecast: Ether Targets Fresh Highs

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is rising positively against the US dollar and bitcoin. ETH/USD breached a few important hurdles and moved back into a bullish zone.

Key Highlights

Ether gained upside momentum and broke a major resistance at $860.00 against the US dollar.
There are two key supports forming at $860.00 and $840.00 on the 30-minute chart ETH/USD.
ETH/BTC continued to move higher and is currently trading above the 0.0850BTC resistance.

Technically, the 30-minute chart indicators are rising higher in the bullish territory.

ETH/USD to Gain Further

In the weekly forecast, we discussed a crucial resistance at $860.00 for ETH/USD, which the pair recently broke.

More importantly, ETH/BTC also traded higher and was able to move above the 0.0850BTC resistance. The next resistances on the upside are at 0.0880BTc and 0.0900BTC.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, there was a steady rise and the pair broke an important bearish trendline with resistance at $850.00. It opened the doors for more gains past $860.00.

There was also a 2-hour close above $850.00, which is a positive sign. The pair even surpassed the 50 percent Fibonacci retracement level of the last decline from the $959.02 high to $788.16 low.

An intraday high was formed at $880.35, and Ether’s price is currently consolidating gains. On the downside, an initial support rests at $860.00 (previous resistance). There is also a bullish trendline forming with support at $842.00.

Therefore, if there is a downward correction for Ether, the mentioned $860.00 and $840.00 levels are likely to act as strong supports and buy levels.

Ether Price Analysis Chart

Above $880.00, the price has to break the $900.00-910.00 barrier, above which the price would most likely overcome selling pressure and trade toward $1,000.00.

The overall price structure is positive since ETH/USD broke the $860.00 resistance. However, the $910.00 resistance is the next major challenge and a significant hurdle for more upsides.

Important Resistance Levels

$900.00 and $910.00

Important Support Levels

$860.00 and $840.00

2-hour RSI

The RSI is now above 50 and is moving higher toward the 60 level.

2-hour MACD

The MACD has moved back 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.