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ETH/USD Forecast: Bullish Cloud Is Key

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether regained the bullish bias, as ETH/USD was able to trim most of yesterday’s losses and moved above $17.50.

Key Highlights

After forming a base near $16.25 Ether price bounced back against the US Dollar.
The ETH/USD pair broke a resistance trend line at $17.60, and now following an ascending channel on the hourly chart.
The 4-hour chart suggests a bullish pattern around the $16.25 base, igniting an upside move.

Technically, the hourly chart indicators are back in the bullish territory with a minor cross.

Ether Price Back Testing Important Resistance

Yesterday, we saw a decline of more than 8% in Ether price against the US Dollar with a new weekly low at $16.26. Later, the price was able to form a base near $16.25, and started a recovery.

Ether Price Analysis Chart

The recovery was such that the price managed to regain the bullish bias. First, there was a move above yesterday’s highlighted important hurdle at $17.60. Second, the price broke a major bearish trend line on the hourly chart along with the 61.8% Fibonacci retracement level of the last decline from the $18.60 high to $16.26 low.

It resulted in an increase in the bullish bias in ETH/USD, and the pair was able to settle above the 23.6% Fibonacci retracement level of the last decline from the $20.09 high to $16.26 low.

At the moment, there is an ascending channel pattern formed with support at $17.70-17.80. It is acting as a catalyst for the current upside move. As long as the price is above the channel support area, there is a chance of further gains in ETH/USD in the near term.

The 4-hour chart of ETH/USD highlights a couple of important points. First, the recent bounce in Ether price was from the 50% Fibonacci retracement level of the last wave up from the $12.95 swing low to $20.06 high.

Ethereum ETH/USD Forecast

Second, there was an overlapping bullish candle formed before the price started moving higher. This means the recent bounce looks real.

However, the price needs to settle above $18.20 in order to gain further strength, else there can be a pullback towards $17.10.

Important Resistance Levels

$18.20 and $18.50

Important Support Levels

$17.10 and $16.60

Hourly RSI

The RSI technical is just above the neutral level.

Hourly MACD

The MACD is now back in the bullish zone, and looks to extend the momentum.

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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