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Ether Price Analysis
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Ethereum Price Forecast: Ether Primed For Gains





Ether climbed above a key resistance against the US dollar. ETH/USD is likely to rise further toward the next hurdles at $600.00 and $610.00.

Key Highlights

Ether’s price moved higher and broke a major resistance near $545.00-550.00 against the US dollar.
ETH/USD surpassed a crucial bearish trendline with resistance at $550.00 on the 6-hour chart.
ETH/BTC is holding the 0.0620BTC and 0.0600BTC support levels.

Technically, the 6-hour chart indicators are climbing toward the midlines.

ETH/USD Could Test $600

The past two days were mostly positive as ETH/USD climbed above a couple of key resistance levels. The most recent resistance breach was at $550.00, which has cleared the path for further gains.

On the other hand, there was no major upward move in ETH/BTC but the pair is holding two important support levels: 0.0620BTC and 0.0600BTC.

Ethereum Price ETH/USD Forecast

Let’s start with the 6-hour chart of ETH/USD to understand why the recent upward move is encouraging. After the $454.86 low was formed, the next 6-hour candle overlapped the previous bearish candle. It set the pace for an upswing and the pair surpassed $500.00.

More importantly, the pair broke a crucial bearish trendline with resistance at $550.00. Additionally, the last few candles were positive and suggest a bullish bias from the $454.86 low.

The next hurdle for Ether buyers is near another bearish trendline with current resistance at $605.00. There is also a significant horizontal resistance at $610.00, which was once a support. Thus, the $600.00-610.00 region is a major resistance for the current wave.

Ether Price Analysis Chart

Moving down to the 2-hour chart of ETH/USD, the pair broke a consolidation pattern with resistance at $555.00 and a bearish trendline at $545.00. These are positive signs, suggesting that Ether’s price may perhaps rise toward $600.00.

Should Ether correct lower, the $555.00-550.00 range will most likely act as a support. Below $550.00, the price could drop down to the next support at $515.00.

Important Resistance Levels

$600.00 and $610.00

Important Support Levels

$550.00 and $515.00

6-hour RSI

The RSI is flirting with the 50 level.

6-hour MACD

The MACD has reduced its bearish slope and is poised to move into 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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