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Ethereum Price Forecast: Ether Cautiously Bullish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is mostly bullish against the US dollar and bitcoin. ETH/USD is currently consolidating in a range for the next break above $585.00.

Key Highlights

Ether’s price is holding important supports at $570.00 and $550.00 against the US dollar.
The 6-hour chart of ETH/USD is signaling a key upside break followed by a consolidation phase.
ETH/BTC remains in a bullish zone and is currently placed well above the 0.0750BTC support.

Technically, the hourly chart indicators are flat in the bullish territory.

Ether Price Analysis

The past few sessions were mostly quiet as ETH/USD consolidated in a tight range below the $585.00 resistance. Many rejections around the $570.00 and $565.00 supports suggest that there's room for a rally toward $620.00, with a huge psychological resistance in the way at $600.00.

ETH/BTC is trading nicely in a bullish zone above the 0.0750BTC support. However, the pair has to move past 0.0800BTC to trade higher in the near term.

Ethereum Price Analysis ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, the pair started an upward move after forming a base above $500.00. It broke a key bearish trendline with resistance at $545.00, opening the door for further gains.

However, Ether struggled to break the 38.2 percent Fibonacci retracement level of the last decline from the $722.63 high to $505.69 low. The price settled above the $550.00 pivot level and started consolidating in a range.

The current price action on the 6-hour chart is positive as long as Ether’s price is above $550.00. Below this, the price could move back in a bearish zone toward $520.00 and $505.00.

Ether Price Analysis Chart

Dropping down to the hourly chart of ETH/USD, there is a connecting bullish trendline and a horizontal support formed above $565.00. A bearish break below this may well push the price toward the $550.00 pivot level.

To the topside, we are waiting for a sustained upward break above the all-important $585.00 resistance, above which the price will most likely accelerate gains toward $600.00 and $620.00 in the near term.

Important Resistance Levels

$585.00 and $600.00

Important Support Levels

$565.00 and $550.00

Hourly RSI

The RSI is currently flat above the 50 level.

Hourly MACD

The MACD is slowly moving 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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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