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Ether Price Analysis
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ETH/USD Attempts To Reclaim Uptrend





Heavy US Dollar selling triggered an upside move in Ether’s price, and helped both ETH/USD and ETH/BTC in gaining bids.

Key Highlights

A weaker US Dollar helped Ether to bounce back after forming a new weekly low at $41.12 against the US Dollar.
During the upside move, the ETH/USD pair was able to move above a major resistance trend line at $45.00.
ETH/BTC also managed to crawl up and traded above the 0.040BTC resistance.

Technically, the 2-hour chart indicators are now moving nicely in the bullish territory.

Ether Price Pointing Initial Reversal Signal

Yesterday, we saw a decline in ETH/USD before it found support at $41.12. Later, it found strength for an upside move, resulting in a push above the $45.00 resistance.

Ether Price Price Analysis

Ether was seen trading with a positive bias this Wednesday, as both ETH/USD and ETH/BTC pairs gained momentum for an upside move.

There was a break above a bearish trend line at $44.10 on the 30-min chart of ETH/USD, igniting a rally. The price rocketed past the 50% Fibonacci retracement level of the last decline from the $47.43 high to $41.12 low.

The upside move was such that the price almost tested the last swing high of $47.40, which acted as a resistance. At the moment, the price is struggling to move past $47.50-48.00. As a result, there is a chance of a dip before it finds support again.

On the downside, there is a bullish trend line with support at $45 formed on the same chart. It also represents the 23.6% Fib retracement level of the last wave from the $41.12 low to $47.26 high.

Ethereum ETH/USD Forecast

It looks like there are chances of ETH/USD attempting further upsides. However, the 4-hour chart suggests that there is a major hurdle waiting on the upside near $48.00-49.00 in the form of a bearish trend line.

The price overcame one bearish trend line and now heading towards the second one at $49.00. If Ether price has to reclaim uptrend, it must close above the highlighted trend line resistance at $48.00-49.00.

Important Resistance Levels

$47.50 and $49.00

Important Support Levels

$45.00 and $44.00

2-hour RSI

The RSI technical is now above the 50 level, and looking to extend moves.

2-hour MACD

The MACD is gaining pace 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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