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Ether Price Analysis
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Ethereum Price Forecast: Ether Remains Supported





Ether’s price remains well supported against the US dollar and bitcoin. ETH/USD could continue to move higher as long as it is above $510.00.

Key Highlights

Ether’s price corrected lower and tested a major support near $520.00 against the US dollar.
A crucial bullish trendline formed with support at $510.00 on the 2-hour chart of ETH/USD.
ETH/BTC is likely preparing for an upward move above the 0.0800BTC resistance.

Technically, the 30-minute chart indicators bounced sharply in the bullish territory.

Ether Price Analysis

Yesterday, we discussed how ETH/USD could consolidate above the $520.00 level before climbing higher toward $540.00 and $550.00. The pair corrected lower recently, tested the $520.00 support, and it is currently showing signs of another upward move.

On the other hand, ETH/BTC was confined to a range near the 0.0780BTC level. It seems like the pair is preparing for a break above a key resistance zone at 0.0800BTC in the near term.

Ether Price Analysis Chart

Looking at the 30-minute chart of ETH/USD, there was a downward correction after the price traded as high as $548.12. It declined and broke the $530.00 and $525.00 levels. There was even a break below the 50 percent Fibonacci retracement level of the last wave from the $515.34 low to $548.12 high.

However, the decline was protected by the $520.00 support zone. Ether’s price is currently moving higher and is attempting a close above a bearish trendline with resistance at $525.00 on the same chart.

To the topside, the $540.00 resistance zone seems to be a major hurdle for more gains in Ether. The next key resistance sits at $550.00, above which, the price will most likely accelerate gains.

Ethereum price ETH/USD

The 2-hour chart of ETH/USD suggests that the pair is well supported above $500.00. More importantly, there is a crucial bullish trendline formed with support at $510.00.

Therefore, should there be a bearish extension, the price may perhaps find support near $510.00. The overall market sentiment is still positive and it seems like Ether could remain bullish during the following sessions.

Important Resistance Levels

$540.00 and $550.00

Important Support Levels

$520.00 and $510.00

2-hour RSI

The RSI tested the 50 level and is currently near 55.

2-hour MACD

The MACD is slightly placed 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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