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Ethereum Price Forecast: Ether Trend Significantly Bullish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is back in a major uptrend against the US dollar and bitcoin. ETH/USD traded above $800.00 and remains poised to extend gains toward $840.00.

Key Highlights

Ether’s price extended gains and pierced the $800.00 resistance against the US dollar.
There are two bullish trendlines with supports at $770.00 and $720.00 on the 2-hour chart of ETH/USD.
ETH/BTC settled above the 0.0800BTC level.

Technically, the 6-hour chart indicators are gaining momentum in the bullish territory.

ETH/USD Buyers Back in Control

There were further upsides in ETH/USD above the $750.00 resistance level. The pair traded above $770.00 and $800.00 to register more than 100 percent gains during the past five weeks, before dipping slightly.

Similarly, ETH/BTC extended gains above the 0.0800BTC level and may test the next resistance at 0.0845BTC in the near term.

Ethereum Price ETH/USD Forecast

Starting with the 6-hour chart of ETH/USD, there was a picture-perfect bullish break above a crucial triangle resistance at $695.00. The pair gained bullish momentum and traded above the 1.236 Fibonacci extension of the last slide from the $711.49 high to $592.86 low at $740.00.

It cleared the path for sharp gains, and the price traded above the $750.00, $760.00, and $770.00 resistance levels. The upside move was strong since Ether’s price even cleared the 1.618 Fibonacci extension of the last high-to-low slide to test the $800.00 barrier.

The 2-hour chart of ETH/USD indicates that there have been mostly bullish (green) candles lately. The pair traded as high as $804.45 and is currently consolidating gains. On the downside, there are two bullish trendlines with supports at $780.00 and $720.00.

Ether Price Analysis Chart

Therefore, a short-term correction will most likely find support near $770.00 or $760.00 (previous resistance). To the topside, a daily close above $800.00 could put a lot of pressure on Ether sellers, and the price may accelerate toward $840.00.

Overall, the current price action is extremely bullish, but Ether may possibly correct $20.00 or $30.00 lower in the short term before resuming its uptrend. 

Important Resistance Levels

$800.00 and $840.00

Important Support Levels

$780.00 and $760.00

6-hour RSI

The RSI is heading higher toward the 70 level.

6-hour MACD

The MACD is placed nicely 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.