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Ether Price Analysis
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Ethereum Price Forecast: ETH/USD Could Accelerate Higher





Ether’s price is holding key support levels against the US dollar and bitcoin. ETH/USD is likely to accelerate higher toward the $540.00 resistance in the near term.

Key Highlights

Ether’s price remains in a bullish trend above the $500.00 support against the US dollar.
A key bullish trendline has formed with support near $505.00 on the 6-hour chart of ETH/USD.
ETH/BTC extended its consolidation above the 0.0620BTC support.

Technically, the 6-hour chart indicators are positioned nicely in the bullish territory.

Will ETH/USD Continue Its Upward Move?

Recently, there was a minor descending correction in ETH/USD from the $537.51 high. The pair traded lower and tested the $500.00 region, which acted as a decent support.

ETH/BTC remained confined in a slim range above the 0.0620BTC support. The technical structure suggests that the pair could be preparing for a significant move either toward 0.0700BTC or below 0.0600BTC.

Ethereum Price ETH/USD Forecast

Starting with the 6-hour chart of ETH/USD, there is a solid uptrend in place from the $360.00 swing low. The pair traded above the $500.00 level but struggled to gain momentum above $530.00. As a result, a downward correction was initiated with consolidation moves above $500.00.

The pair is currently following a key bullish trendline with support near $505.00. As long as Ether’s price stays above this level, it could continue to climb with range moves.

Should there be a bearish break below $505.00, the price may test the next important bullish trendline with support at $460.00 on the same chart.

Ether Price Analysis Chart

Moving down to the 2-hour chart of ETH/USD, the pair is following an ascending channel with support at $505.00. It will most likely grind higher toward the $530.00 and $537.00 resistance levels. However, a successful close above the last high at $537.51 is required for a push toward $550.00.

On the other hand, the 2-hour chart also suggests that a close below $505.00 could increase selling pressure on Ether in the short term. Overall, Ether has been trading in the green on a daily basis with little bullish strength, despite being confined to its latest range.

Important Resistance Levels

$530.00 and $537.00

Important Support Levels

$505.00 and $480.00

6-hour RSI

The RSI is currently flat near the 55 level.

6-hour MACD

The MACD is showing positive signs 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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