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Ether Price Analysis
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ETH/USD Forecast: Ether Back In Bullish Zone





Ether started an upside move after completing a correction against the US Dollar and Bitcoin. ETH/USD is back above $260.00 and gaining pace.

Key Highlights

The ETH/USD pair completed an extended correction wave at $245.00 and started an upside move.
The pair broke a crucial bearish trend line at $259.00 on the 2-hour chart to set the pace for the next leg.
The ETH/BTC pair also gained momentum, and traded above the 0.0925BTC resistance.

Technically, the 2-hour chart indicators are back in the bullish territory and heading higher.

Ether Price Gaining Momentum

The ETH/USD pair recently started a short-term correction, which extended in two waves towards the $245.00 level. Later, the pair formed a support base near $245.00 and started trading higher.

Ether Price Technical Analysis Chart

It first breached the 38.2% Fibonacci retracement level of the last decline from the $267.00 high to $245.00 low, opening the door for more gains above the $252.00 level.

The next break was above a crucial bearish trend line at $259.00 on the 2-hour chart, which improved the bullish sentiment for Ether.

The last important break was above the 61.8% Fibonacci retracement level of the last decline from the $267.00 high to $245.00 low.

All these are great bullish signs, and suggest that the pair has completed a correction near $245.00, likely to trade with a new bullish structure.

Considering the recent correction, the price is likely to break the last swing high at $267.36 and trade to a new all-time high. I still believe that the ETH/USD pair will soon test the $270.00 technical level.

Once there is a test of $270.00, it will mark a completion of a perfect 5-wave upside move. The pair may even break the $270.00 level and trade towards $280.00.

Ethereum ETH/USD Forecast

Looking at the 6-hour chart of ETH/USD, the pair is holding a monster bullish trend line at $250.00. It also broke a short-term bearish trend line at $255.00, which is another great sign.

Overall, it seems like Ether price is back in the bullish zone, and may gain further traction in the near term.

Important Resistance Levels

$267.00 and $270.00

Important Support Levels

$255.00 and $245.00

2-hour RSI

The RSI is heading higher towards the 70 level.

2-hour MACD

The MACD is moving 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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