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Ethereum Price Forecast: Ether Poised For Further Appreciation

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price experienced an upsurge against the US dollar and bitcoin. ETH/USD briefly rose above $600.00 and is poised to extend gains.

Key Highlights

Ether’s price broke the $600.00 resistance and traded as high as $621.70 against the US dollar.
There is a significant bullish trendline forming with support near $590.00 on the hourly chart of ETH/USD.
ETH/BTC is stable around the 0.0680BTC level with positive signs.

Technically, the hourly chart indicators are correcting lower from the overbought levels.

ETH/USD Remains Buy on Dips

ETH/USD kept rising within positive territory and cleared the $600.00 resistance. A new monthly high was formed at $621.70 before a minor downward correction.

On the other hand, ETH/BTC started consolidating gains around the 0.0680BTC level. It seems likely the pair could make an attempt to break a key barrier near 0.0700BTC during upcoming sessions.

Ether Price Analysis Chatt

The hourly chart of ETH/USD is pointing to a crucial uptrend from the $505.00 swing low. The pair traded as high as $621.70 before starting a downward correction. It tested the $600.00 support area and traded close to the 23.6 percent fib retracement level of the last wave from the $528.00 low to $621.70 high.

More importantly, there is a significant bullish trendline forming with support at $590.00 on the same chart. Ether’s price is likely to consolidate above $600.00 in the short term before it breaches the $621.70 high.

To the topside, there is a connecting resistance trendline in place at $630.00. The next major hurdles on the upside are at $640.00 and $665.00.

Ethereum Price ETH/USD Forecast

Moving up to the 6-hour chart of ETH/USD, the pair will most likely accelerate gains to complete the current third wave from the $363.68 low around the $650.00-665.00 zone.

On the flip side, should Ether correct lower (and further below $600.00), a crucial support formed near $540.00 is likely to prevent significant declines in the near term. Overall, ETH/USD could extend gains above $620.00 before it starts a substantial downward correction.

Important Resistance Levels

$620.00 and $640.00

Important Support Levels

$600.00 and $590.00

Hourly RSI

The RSI is moving lower from the oversold levels.

Hourly MACD

The MACD remains positive 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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