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Ether Price Analysis
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Ethereum Price Forecast: Ether Breaking Higher





Ether’s price succeeded in moving above crucial resistances against the US dollar and bitcoin. ETH/USD could now accelerate gains above the $550.00 level.

Key Highlights

Ether’s price is climbing and it recently broke the $537.50 high against the US dollar.
There were many bullish breakouts on the 30-minute chart of ETH/USD, signaling uptrend continuation.
ETH/BTC made a nice upward move and traded above the 0.0650BTC resistance.

Technically, the 2-hour chart is indicating an increase in bullish pressure.

ETH/USD Could Surge above $550

Yesterday, we discussed the need for Ether buyers to overcome the $520.00 and $535.00 resistance levels. The pair did move higher, broke the mentioned resistances, and traded to a new monthly high above $545.00.

More importantly, yesterday’s RSI divergence on the hourly chart of ETH/BTC played well. The pair gained bullish momentum and broke a key resistance at 0.0650BTC. The next resistance awaits at 0.0680BTC.

Ether Price Analysis Chart

The 30-minute chart of ETH/USD indicates that the pair formed many bullish breakout patterns to build the current uptrend. The recent surge was above the $535.00 resistance, opening the doors for an upward acceleration.

A new monthly high was formed at $545.41 before sellers appeared. There could be a downward correction in the short term but the broken resistance at $535.00 will most likely act as a decent support.

Should there be an extended correction below $535.00, the price may perhaps test the $530.00 support. Moving up to the 2-hour chart of ETH/USD, there are two bullish trendlines forming with support at $526.00 and $510.00. However, the most important support awaits near the $505.00 pivot level.

Ethereum Price ETH/USD Forecast

To the topside, there is a connecting resistance trendline in place at $550.00-552.00. Therefore, the current upward move will possibly face a strong sell zone around $550.00.

Ether’s intraday technical readings indicate that ETH/USD is likely to accelerate further since the momentum indicator is heading north within the bullish territory. Resistances are positioned at $550.00, $552.00, and $565.00.

Important Resistance Levels

$550.00 and $565.00

Important Support Levels

$535.00 and $530.00

2-hour RSI

The RSI is moving sharply higher toward the 70 level.

2-hour MACD

The MACD is showing solid bullish signs.

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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