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Ethereum Price Forecast: Ether Approaching Significant Break





Ether’s price is near make-or-break levels against the US dollar. ETH/USD’s struggle to break $585.00 might spark a bearish reaction in the short term.

Key Highlights

Ether’s push remained capped near the $585.00 resistance against the US dollar.
A significant breakout pattern formed with support at $570.00 on the 2-hour chart of ETH/USD.
ETH/BTC is gaining momentum and it could soon test the 0.0800BTC resistance.

Technically, the 2-hour chart indicators are placed nicely in the bullish territory.

Ether Price Analysis

There was yet another attempt to break the all-important $585.00 resistance. ETH/USD did manage to push past it, but failed to hold gains and topped at $589.21.

On the other hand, ETH/BTC is slowly rising and it may perhaps test the 0.0800BTC resistance, above which, the pair could revisit 0.0820BTC.

Ethereum Price Analysis ETH/USD Forecast

Starting with the 30-minute chart of ETH/USD, the pair is trading nicely above the $570.00 and $565.00 support levels. On the upside, Ether buyers are struggling to clear the $585.00 resistance zone. A few swing highs formed near $584.00, $585.00, and $589.00, but there was no clear bullish break.

The chart indicates that the price is consolidating above the $565.00 support and it is preparing for the next wave. Moving up to the 2-hour chart of ETH/USD, there is a crucial bullish trendline in place with support at $570.00.

Should there be a break and 2-hour close below $570.00, the price could retest the $540.00 support. An intermediate support sits around the 50 percent Fibonacci retracement level of the last wave from the $505.69 high to $589.21 high at $547.00.

Ether Price Analysis Chart

A 2-hour close above $585.00 is needed for further gains toward $600.00, $605.00, and $620.00. Therefore, it seems like there is a significant breakout pattern formed with support at $570.00 and resistance near $585.00.

To sum up, the forthcoming sessions could provide us the next major break in Ether. The overall market sentiment is favoring an upside break as long as the price is above $565.00, but failure to surpass $585.00 might spark a temporary bearish slump.

Important Resistance Levels

$585.00 and $600.00

Important Support Levels

$570.00 and $565.00

2-hour RSI

The RSI is currently flat near the 55 level.

2-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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