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Ethereum Price Forecast: Are Things Looking Up For Ether?





Ether is positioning for a major break against the US dollar. A successful daily close above $610.00 or $620.00 could accelerate gains in ETH/USD.

Key Highlights

Ether’s price is showing positive signs after recovering from the $575.00 support against the US dollar.
A significant breakout pattern has formed with resistance near $610.00 on the 6-hour chart of ETH/USD.
ETH/BTC could break the 0.0800BTC resistance to extend the current upward wave.

Technically, the 6-hour chart indicators are about to move back into the bullish territory.

Ether Price Analysis

Yesterday, we discussed how the next move in ETH/USD depends on whether it stays above the $575.00 support. The pair held the support and recovered nicely above the $592.00 and $600.00 resistance levels.

ETH/USD stayed in a range below the 0.0800BTC resistance. There is a convergence forming on the hourly chart, suggesting an upside break above 0.0800BTC and 0.0820BTC.


Looking at the 2-hour chart of ETH/USD, there was a good recovery from the $575.00 support. The price traded higher and broke a few key hurdles, including $600.00. There was also a break above the 50 percent Fibonacci retracement level of the last drop from the $628.21 high to $576.45 low.

However, the upward wave was capped by a bearish trendline with current resistance at $612.00. It seems like the price is consolidating gains above the $600.00 level while it prepares for the next break.

Ether buyers need to gain momentum to surpass the trendline resistance and push the price toward the recent swing high at $628.21. Above this, there could be further gains toward the $650.00 level.

Ethereum Price ETH/USD Chart

Moving up to the 6-hour chart of ETH/USD, there is a crucial breakout pattern forming with resistance near $610.00 and support at $600.00. Should there be a bullish break and a daily close above $610.00, the price may perhaps surge toward $650.00.

However, a bearish break below $600.00 may possibly push the price back toward the $575.00 and $550.00 support levels in the near term.

Important Resistance Levels

$610.00 and $620.00

Important Support Levels

$600.00 and $585.00

6-hour RSI

The RSI is just below the 50 level with a bullish angle.

6-hour MACD

The MACD is slowly moving back 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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