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Ether Price Analysis
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Ethereum Price Forecast: Ether Approaching Key Break





Ether is slowly gaining bullish momentum against the US dollar. ETH/USD is facing a tough challenge near a breakout resistance level at $875.00.

Key Highlights

Ether is holding a major support near $850.00 against the US dollar.
There is a breakout pattern forming with support around $855.00 on the 2-hour chart ETH/USD.
ETH/BTC is consolidating losses above the 0.0800BTC level and it may correct higher.

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

ETH/USD Could Break Higher

There was no major move during the past three sessions in ETH/USD. The pair mostly consolidated and it was successful in staying above a major support area of $850.00-855.00.

ETH/BTC seems to be consolidating losses above the 0.0800BTC level. As long as the pair is above 0.0800BTC, it may perhaps start a fresh upward move toward 0.0850BTC.

Ethereum price ETH/USD Forecast

Starting with the 2-hour chart of ETH/USD, there is a crucial bullish trendline forming with support at $855.00. The pair recently tested the same trendline and started a renewed upward move above $860.00.

There is a connecting bearish trendline forming with resistance at $875.00. Therefore, there seems to be a key breakout pattern developing with support at $855.00 and resistance near $875.00.

A successful 2-hour close above the $875.00 resistance could open the door for rallies toward the $910.00 resistance, above which, the pair would most likely accelerate toward $950.00.

On the other hand, a break below the $855.00 support would push Ether’s price into a short-term downtrend toward $800.00. On to the 30-minute chart of ETH/USD, there is a similar breakout structure forming.

Ether Price Analysis Chart

Resistance sits at $873.00 and support is at $862.00. Therefore, we need to monitor the stated breakout levels carefully for the next move.

Overall, the short-term price action is positive, which suggests that Ether will likely make an attempt to break the $875.00 resistance. A failure to break $875.00 could kick-start a new regressive reaction back toward $855.00 and $800.00.

Important Resistance Levels

$875.00 and $900.00

Important Support Levels

$855.00 and $850.00

30-minute RSI

The RSI is moving higher toward the 65-70 levels.

30-minute MACD

The MACD is gaining momentum 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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