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Ethereum Price Forecast: Ether Faces Tough Challenge

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is gaining bullish momentum against the US dollar. ETH/USD formed a support base near $365.00 but a break above $420.00 is required to continue the trend.

Key Highlights

Ether’s price is recovering and is placed comfortably above the $390.00 support against the US dollar.
There is a crucial range formed with support at $365.00 and resistance near $420.00 on the 2-hour chart of ETH/USD.
ETH/BTC is struggling to surmount the 0.0550BTC level.

Technically, the 2-hour chart indicators just moved into the bullish territory.

Can ETH/USD Push Through?

Yesterday, we discussed an upside break in ETH/USD above the $380.00 resistance level. Later, the pair traded higher and succeeded in moving above the $400.00 handle.

On the contrary, there was no major upward movement in ETH/BTC, as the pair failed to gain pace above the 0.0550BTC pivot level. It may correct a few points in the near term toward the 0.0520BTC support.

Ether Price Analysis Chart

Starting with the 30-minute chart of ETH/USD, there are many bullish signs above the $390.00 level. The pair recently broke the $400.00 resistance and traded as high as $407.17 before facing a short-term resistance.

It seems like there is an ascending channel forming with support at $400.00 and resistance near $407.00-408.00. Below $400.00, there is another key support at $390.00.

Should the price start a downward correction, the $400.00 and $390.00 support levels will most likely protect declines. Below $390.00, the price could retest $380.00.

Moving up to the 2-hour chart of ETH/USD, the pair seems to be preparing for further gains toward the $420.00 resistance. Overall, there is an important range formed with support at $365.00 and resistance near $420.00.

Ethereum Price ETH/USD Forecast

The $365.00-420.00 range could play a significant role in the near term. The next break, either above $420.00 or below $365.00, could set the tone for a larger wave.

The current price action is positive and it seems like Ether may continue to trade in a range before making an attempt to breach the $420.00 resistance.

Important Resistance Levels

$408.00 and $420.00

Important Support Levels

$390.00 and $365.00

30-minute RSI

The RSI is currently correcting lower from the 75-80 levels.

30-minute MACD

The MACD is 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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