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Ethereum Price Forecast: Ether Signaling Bullish Extension

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price climbed higher with bullish signs against the US dollar and bitcoin. ETH/USD is currently trading in a positive zone with supports at $525.00 and $520.00.

Key Highlights

Ether’s price broke to the upside and cleared the $525.00 resistance against the US dollar.
ETH/USD cleared a significant contracting triangle with resistance at $500.00 on the 2-hour chart.
ETH/BTC also jumped higher and broke the 0.0780BTC hurdle.

Technically, the 2-hour chart indicators are rising higher in the bullish territory.

Ether Price Analysis

Yesterday, we discussed a major breakout pattern with resistance near $500.00. ETH/USD cleared two important resistances at $500.00 and $525.00 to move into a positive zone.

Similarly, there was an upward move in ETH/BTC above the 0.0760BTC level. The pair climbed above the 0.0780BTC resistance and it may perhaps extend gains above 0.0800BTC in the near term.

Ethereum Price Analysis ETH/USD Forecast

Starting with the 2-hour chart of ETH/USD, the pair jumped sharply and broke a significant contracting triangle with resistance at $500.00. There was a solid bullish candle formed and the price tested the $525.00 resistance.

Later, Ether consolidated below $525.00 before buyers succeeded in pushing the price above the $530.00 and $540.00 resistance levels. These are all positive signs and suggests that Ether formed a key bottom near the $450.00 level.

Moving down to the 30-minute chart, ETH/USD almost tested the $550.00 resistance and formed a high at $548.12. The price is currently correcting lower and is trading below the $540.00 level.

Analysis

An initial support awaits at $525.00 (the previous resistance). However, the most important support is around $520.00 and a bullish trendline on the same chart. Should Ether buyers fail to keep the price above $520.00, there could be a pullback to $500.00.

The price is facing a crucial challenge to further gains near the $550.00 resistance. In the short-term, the price could consolidate above the $520.00 level before climbing higher toward $540.00 and $550.00, above which, Ether’s price may well trade toward $575.00.

Important Resistance Levels

$540.00 and $550.00

Important Support Levels

$525.00 and $520.00

2-hour RSI

The RSI is currently near the 65 level.

2-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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