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ETH/USD Preparing For The Next Ride

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.