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Ether Price Analysis
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Ethereum Price Forecast: Ether Buyers Take Control





Ether buyers are in control against the US dollar and bitcoin. ETH/USD is likely to make the next move either above $740.00 or below $710.00.

Key Highlights

Ether’s price is trading with a bullish bias above the $700.00 support against the US dollar.
ETH/USD is forming a breakout pattern with support at $710.00 and resistance near $740.00 on the 2-hour chart.
ETH/BTC is steady above 0.0830BTC and it could test the 0.0850BTC resistance in the near term.

Technically, the 6-hour chart indicators are moving higher in the bullish territory.

ETH/USD Preparing for Next Move

Yesterday, we discussed how ETH/USD’s technical structure is indicating limited chances of a decline below $695.00. The pair traded in a range above the $700.00 support with few bearish moves.

Similarly, there were ranging moves in ETH/BTC above the 0.0820BTC support. The pair will most likely climb higher toward the next resistance at 0.0850BTC.

Ethereum Price ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, the pair was rejected from a crucial support area near $640.00. It bounced back sharply and moved above the 38.2 percent Fibonacci retracement level of the last slide from the $833.91 high to $638.62 low.

However, the price is facing a significant resistance near $740.00 and a bearish trendline on the same chart. It seems like Ether’s price is struggling to settle above the 50 percent Fibonacci retracement level of the last slide near $736.00.

Therefore, a successful close above $736.00-740.00 will most likely clear the path for Ether buyers to gain momentum. The next barriers for more gains are at $760.00 and $790.00.

Ether Price Analysis Chart

Dropping down to the 2-hour chart of ETH/USD, there is a breakout pattern in place with support at $710.00 and resistance near $740.00. A bearish reaction below $710.00 may well push the price into a short-term downtrend toward $700.00 and $695.00.

To sum up, Ether’s near-term picture is bullish, according to technical readings in the 2-hour chart, as ETH/USD prepares to make the next move.

Important Resistance Levels

$740.00 and $760.00

Important Support Levels

$710.00 and $700.00

6-hour RSI

The RSI is placed nicely around the 55 level.

6-hour MACD

The MACD is slowly gaining momentum 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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