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Ethereum Price Forecast: Ether Eyes Upside Break

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is showing signs of a short-term recovery against the US dollar. ETH/USD surpassed the $380.00 hurdle and is now facing another hurdle near $420.00.

Key Highlights

Ether’s price recovered after forming a support base around the $360.00 level against the US dollar.
ETH/USD broke a significant bearish trendline with resistance at $380.00 on the 2-hour chart.
ETH/BTC is trading in a neutral zone around 0.0550BTC.

Technically, the 2-hour chart indicators are moving higher toward the midlines.

Can ETH/USD Recover Further?

After a significant decline below $400.00, ETH/USD formed a good support near $360.00. The pair traded as low as $359.33 before starting an upward correction.

On the other hand, ETH/BTC traded in a range around the 0.0550BTC level. The pair is facing a couple of important resistances at 0.0580BTC and 0.0600BTC, and supports are at 0.0520BTC and 0.0500BTC.

Ethereum Price ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, the pair was rejected from the $360.00 level on a few occasions, resulting in an upward move above $375.00. During the recovery, there was a break above a significant bearish trendline with resistance at $380.00.

The pair also traded above the 50 percent Fibonacci retracement level of the last leg from the $419.43 swing high to $359.33 low. These are positive signs and it seems like Ether’s price may recover further toward $400.00 and $420.00.

The mentioned $420.00 level is the next crucial resistance and a strong pivot region. A daily close above $420.00 could clear the path for a larger upward correction toward $500.00 in the near term.

Ether Price Analysis Chart

The 30-minute chart of ETH/USD suggests that the pair is following an ascending channel with current support near $385.00. Below the mentioned $385.00 support, the price may test $375.00. Finally, the main support sits at $360.00, which must stave off losses if the price fails to move above the $400.00-420.00 resistance zone.

In the short-term, Ether may perhaps recover higher, but a break and close above $420.00 is required for further gains.

Important Resistance Levels

$400.00 and $420.00

Important Support Levels

$375.00 and $360.00

2-hour RSI

The RSI is currently moving higher toward the 45 level.

2-hour MACD

The MACD is slowly reducing its bearish slope.

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.