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Ethereum Price Forecast: Ether May Soon See Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is struggling to move higher against the US dollar while declining further versus bitcoin. ETH/USD may soon make the next move either above $875.00 or below $850.00.

Key Highlights

Ether is struggling to break a major resistance near $875.00 against the US dollar.
There was a break below a connecting bullish trendline with support at $860.00 on the 4-hour chart ETH/USD.
ETH/BTC extended declines as it moved closer to the 0.0760BTC support.

Technically, the hourly chart indicators are neutral in the bullish territory.

ETH/USD Near Make or Break Levels

It’s been more than four days of consolidation in ETH/USD. The pair continues to trade in a small range with support on the downside at $850.00 and resistance around $875.00.

On the flip side, there was a downward reaction in ETH/BTC. The pair failed to move higher, and an increase in buying interest in bitcoin pushed the pair lower toward the 0.0760BTC support.

Ethereum Price ETH/USD Forecast

When looking at the 4-hour chart of ETH/USD, we can clearly see a few bearish signs emerging. Ether sellers were able to push the pair below a connecting bullish trendline with support at $860.00. However, there was no follow through after the break as the pair rolled back towards the $850.00 support, placing the price in a consolidation phase.

On the upside, there is a bearish trendline forming with resistance at $865.00-870.00. A successful close above the trendline resistance is required for a push toward $910.00. On the other hand, if sellers gain momentum and the price tumbles below $850.00, there could a sharp downward reaction.

Ether Price Analysis Chart

The hourly chart of ETH/USD is showing short-term positive signs since there was a break above a connecting bearish trendline at $860.00.

The current price action will remain neutral as long as ETH/USD is above the 850.00 support. The next few sessions could be significant and a follow through above $875.00 could open the doors for further upsides in the near term.

Important Resistance Levels

$870.00 and $875.00

Important Support Levels

$855.00 and $850.00

Hourly RSI

The RSI is currently above the 50 level with no major bullish signal.

Hourly MACD

The MACD is placed nicely 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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