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Ethereum Price Forecast: Ether Signaling Bullish Continuation

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price action is indicating bullish continuation against the US dollar and bitcoin. ETH/USD remains well supported near $750.00 and $740.00.

Key Highlights

Ether’s price gained traction and broke a key resistance at $750.00 against the US dollar.
A short-term bullish flag is forming with support at $752.00 on the 2-hour chart of ETH/USD.
ETH/BTC is moving higher and it could break the 0.0820BTC resistance.

Technically, the 2-hour chart indicators are slowly rising higher in the bullish territory.

ETH/USD Could Continue to Rise

There was an upward acceleration in ETH/USD past a major resistance at $750.00. The pair moved higher and is currently stabilizing above the $750.00, $740.00, and $720.00 support levels.

Similarly, there were further gains in ETH/BTC above the 0.0810BTC level, and it seems like the pair could accelerate past the next resistance at 0.0820BTC in the near term.

Ethereum Price ETH/USD Forecast

Starting with the 2-hour chart of ETH/USD, there is a steady uptrend in place above the $700.00 support. The pair recently broke a key bearish trendline with resistance at $750.00, opening the door for more gains.

However, Ether faced a strong resistance near the 50 percent Fibonacci retracement level of the last slide from the $833.91 high to $694.19 low at $665.00. A successful close above this may perhaps push the price toward the next key hurdle at $800.00.

At the outset, there is a short-term bullish flag forming with support at $752.00 on the same chart. Should the price move past the flag resistance and $775.00, buyers are likely to take control.

Ether Price Analysis Chart

On the flip side, the $750.00 region is a decent support, followed by a crucial bullish trendline supported at $725.00. An intermediate support is seen on the 30-minute chart at $740.00.

Overall, selling pressure on Ether seems to have abated since ETH/USD settled above $750.00. The main trend is bullish and resistances are seen at $765.00 and $770.00, while support awaits at $750.00 and $740.00.

Important Resistance Levels

$765.00 and $770.00

Important Support Levels

$750.00 and $740.00

30-minute RSI

The RSI is correcting lower from the 70-75 region.

30-minute 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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