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Ether Price Analysis
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ETH/USD Preparing For The Next Ride





The market sentiment for the Ether remains supportive of more gains, and ETH/USD might soon attempt another upside move.

Key Highlights

A lower low pattern in Ether price against the US Dollar suggests there is a consolidation underway.
The ETH/USD pair is preparing for the next break, forming a contracting triangle pattern on the 30-min chart.
The ETH/BTC pair also remained above a key support area at 0.022BTC, pointing to overall strength and positive market sentiment.

Technically, the 2-hour chart indicators are back with upside momentum after a minor dip.

Ether Price to Form Another New High?

During the past 2-3 sessions, Ether price mostly traded in a range against the US Dollar and Bitcoin, maintaining  support in a bullish formation.

Ether Price Analysis Chart

The ETH/USD pair, after trading towards the $25.93 level, started moving higher while forming a new lower low pattern. Also, there is a contracting triangle pattern on the 30-min chart with support at the moment near $28.50.

The price was able to move above the 38.2% Fib retracement level of the last decline from the $30.64 high to $25.93 low. It looks like the price is slowly preparing for another upside move above the triangle resistance area at $29.60.

Since, the price is now above the 61.8% Fib retracement level of the last decline from the $30.64 high to $25.93 low, there are high chances of it retesting the last swing high at $30.64 creating a new high towards $31.00. The 2-hour chart also points a similar picture. ETH/USD likely completed a correction near $26, and now moving back higher.

Ethereum ETH/USD Forecast

If Ether buyers remain in action, there is a possibility of a break higher towards $30.50 and then $31.00. On the downside, there are a couple of bullish trend lines formed on the same chart with support at $29 and $28.

As long as the price is above these supports, it remains in the bullish zone in the short term.

Important Resistance Levels

$29.60 and $30.50

Important Support Levels

$29.00 and $28.00

2-hour RSI

The RSI technical is above the 50 level, and heading north.

2-hour MACD

The MACD is back 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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