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Ether Price Analysis
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ETH/USD Forecast: Can Ether Make It This Time?





Ether trimmed most its yesterday’s losses against the US Dollar and Bitcoin. ETH/USD now faces an important challenge near $98.00-100.00.

Key Highlights

Yesterday’s reversal from the $83.00 support in ETH/USD was encouraging, as the pair gained bullish momentum.
Looking at the 4-hour chart, the pair faces a crucial resistance near $98.00.
The ETH/BTC pair was able to advance, and moved above 0.050BTC.

Technically, the hourly chart indicators are moving away from the overbought levels, signaling a short-term correction.

Ether Price Breakout Levels

In yesterday’s analysis, we saw a significant rejection pattern in ETH/USD on the hourly as well as the 4-hour chart. Both patterns signaled a reversal, and the pair was able to bounce back.

Ether Price Analysis Chart

The upside move was very strong, as the pair broke the 61.8% Fibonacci retracement level of the last decline from the $96.10 high to $82.99 low.

Once there was a break above the $92.00-92.50 resistance, Ether price gained momentum and soared above the $95.00 level. A new weekly high was formed at $97.87 before the price started a short-term correction.

Looking at the hourly chart, the pair has started a downside corrective move and may soon test a key bullish trend line at $93.00. The same area acted as a hurdle for buyers earlier, and now may provide support.

Furthermore, the $93.00 level coincides with the 23.6% Fib retracement level of the last upside from the $82.99 low to $97.87 high. It won’t be easy for ETH/USD to break past $93.00. If it succeeds, the $90.00 swing support may again come into the picture.

Ethereum ETH USD Forecast

The 4-hour chart of ETH/USD points a crucial barrier for further gains at $97.00-98.00. It is basically clearing a major resistance before testing $100.00 and attempting a break above it.

The current H4 candle is super bullish, but it won’t be a cake walk for buyers if they are looking to clear $98.00. In my view, there can be a short-term correction towards $93.00 before Ether makes an attempt to clear $98.00.

Important Resistance Levels

$97.00 and $98.00

Important Support Levels

$93.00 and $90.00

4-hour RSI

The RSI is heading higher and positioned well above the 50 level.

4-hour MACD

The MACD is 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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