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Ether Price Analysis
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Ethereum Price Forecast: Ether Completed Downward Correction





Ether started a new upward wave against the US dollar. ETH/USD could continue to trade higher if it succeeds in breaking the $870.00 resistance.

Key Highlights

Ether likely completed a downward correction around the $840.00 level against the US dollar.
There was a break above a crucial channel resistance at $860.00 on the 2-hour chart ETH/USD.
ETH/BTC is currently consolidating losses near the 0.0750BTC level.

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

ETH/USD is Showing Positive Signs

ETH/USD recently initiated a downward correction. The pair traded below $850.00, but it found support just below $840.00 and recovered nicely.

On the flip side, ETH/BTC is trading in a bearish zone and is currently consolidating around the 0.0750BTC level. It must remain above the stated 0.0750BTC level to recover in the short term.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, there was a five-wave structure that completed at $838.76. The pair then traded above the 23.6 percent Fibonacci retracement level of the last decline from the $894.91 high to $838.76 low.

More importantly, there was a break above a crucial channel resistance at $860.00 on the same chart, which suggests that the pair completed a downward correction at $838.76.

At the moment, Ether’s price is facing resistance around the 50 percent Fibonacci retracement level of the last decline from the $894.91 high to $838.76 low. It is currently trading in a range below the $865.00 and $870.00 resistance levels.

Ether Price Analysis Chart

Should there be a break above the $870.00 resistance, the price may perhaps retest the $890.00 level. Dropping down to the 30-minute chart of ETH/USD, there was a decent upward wave before the price started trading in a range.

A range pattern is forming with support at $860.00 and resistance at $870.00. A break on either side could trigger the next move. Above $870.00, Ether will most likely test $890.00. On the other hand, a failure to hold the $860.00 support may perhaps initiate a fresh downward trend toward $840.00.

Important Resistance Levels

$870.00 and $890.00

Important Support Levels

$860.00 and $840.00

2-hour RSI

The RSI is currently near 55 with flat signals.

2-hour MACD

The MACD 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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